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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Zürcher Kantonalbank priced its second deal of the week on Friday morning, an 11 year fixed rate bond. The deal follows the floating rate note it sold on Thursday and rounds off a good opening week for triple-A rated issuance in Swiss francs, although an expensive basis swap means that the trend is not expected to continue.
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Banque Fédérative du Crédit Mutuel followed its French peers BNP Paribas and Société Générale into the senior market on Friday, launching a €1.25bn five year senior bond. French and German accounts drove demand.
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Spain’s BBVA reopened Europe’s bank finance market on Thursday with the first of a trio of deals that underscored heavy investor interest in new issues. As the three deals were tightened in execution, and then tightened further on the break, market participants scrambled to adjust their supply expectations for the month ahead, writes Katie Llanos-Small.
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Investors welcomed BBVA’s European FIG market reopening on Thursday with over €5bn of orders, driving a deal which “exceeded all our expectations”, the Spanish lender said. French borrowers BNP Paribas and Société Générale rounded out the trio of issuers opening Europe’s FIG bond markets for 2013 on Thursday, offering five and two year deals.
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Zürcher Kantonalbank brought the first FIG deal in Swiss francs of the year on Thursday morning, with a more conservative deal than observers had expected. The five year floater is a more defensive opening to the year than ZKB’s previous January outings, with long-dated fixed coupon bonds being the norm for the last three years.
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Bank issuers made a strong start to 2013 in privately placed euro medium term notes and euro commercial paper, printing a variety of deals on Wednesday. Dealers expected even more business later in the week.