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◆ 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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NIBC Bank stepped up its government guaranteed (GG) buyback programme this week with a capped €1bn tender offer for three senior unsecured bonds denominated in euros and dollars. Repurchasing the full amount would leave the bank with €2.3bn of the €6.7bn of GG bonds it issued at the height of the financial crisis in 2009.
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Nordea chose to save some money on Thursday by opting to issue in sterling rather than euros. The issuer printed a £400m floating rate note as investors snapped up paper in a market that remains undersupplied in FIG names.
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German insurer Talanx braved a choppy senior unsecured FIG market this week to print a strong €750m debut, proving that despite a lack of recent issuance, market fundamentals remain solid. Next week should bring more mandates, bankers told EuroWeek, and the Talanx deal showed that high quality issuers will have more joy at the longer end of the curve.
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German insurer Talanx printed a strong €750m senior unsecured debut on Wednesday from a €2bn book, despite a mixed backdrop that saw the market open strongly before sentiment turned in the afternoon.
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Nordea opted for sterling for its senior unsecured issue on Thursday, saving an estimated 25bp against its euro curve, as issuers confronted a mixed backdrop in the single currency market. But an impressive debut from German insurer Talanx on Wednesday showed the technical state of the market is firm, said bankers.
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German insurer Talanx was in the senior unsecured market for the first time on Wednesday, breaking a run of some eight sessions without a new euro benchmark issue as the market stabilised following a torrid start to the week.