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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German insurance firm Talanx hit the road on Monday to meet investors about a potential senior unsecured transaction, which could launch later this week. The roadshow was the only activity in a quiet FIG market on Monday — bankers expect supply to remain muted, with most European banks in blackout as they prepare to release their fourth quarter results.
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Bank and financial names dominated the US high grade dollar market in January as they took advantage of cheaper funding opportunities.
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Spanish banks dominated covered bond supply in January, as French issuers swapped to senior unsecured for early year funding.
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Banks have raised 20% more senior unsecured debt in euros in the public markets in January than they did in the first month of last year. And despite the pace of issuance slowing this week, EuroWeek Bank Finance data shows that a wider range of banks sold senior unsecured debt this month than in the same period in 2012.
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UniCredit added €250m to a five year bond on Tuesday, the day’s only primary activity in the European senior unsecured market amid poor conditions. Bonds sold by BPCE and JP Morgan on Monday traded wider in the secondary market, and banks paused senior unsecured benchmark issuance to reconsider the pricing needed.
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JP Morgan was in the euro market with a 10 year bond issue on Monday, following heavy demand for a €1bn deal in the same tenor by Goldman Sachs on Friday. Both deals offered attractive premiums to the banks’ euro curves and came as the euro-dollar basis swap swung in favour of US borrowers.