Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
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Sparebank 1 SMN printed its first fixed rate senior unsecured bond on Thursday, pulling in €1.3bn of orders after starting out with a big premium to fair value. Bankers welcomed the sorely-needed primary supply, and they expect more to follow next week in the shape of core European borrowers.
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Citigroup and Discover Bank found robust demand for US financial paper this week as the recent glut of issuance slowed.
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Citigroup is looking to reduce its funding costs by buying back up to $500m of senior debt issued before the crisis hit in 2008.
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NIBC Bank failed to reach the spending cap on the European part of its government-guaranteed (GG) bond tender offer, but has transferred the difference to increase the cap on the US part of the buyback as it continues to reduce its GG bond burden.
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Norwegian savings bank Sparebank 1 SMN struck a defensive tone with the pricing of its debut fixed rate senior benchmark on Thursday morning, with observers citing lukewarm investor feedback as a reason for the large premium offered. But the issuer managed to pull pricing in after buyers showed strong demand.
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Norwegian banks could kick off a return to primary issuance in the senior unsecured market, and could be followed by other northern European names, bankers told EuroWeek Bank Finance on Wednesday. Two Norwegian lenders are looking to come to the market imminently, just as Moody’s upgraded the outlook for the country’s banking sector from negative to stable.