Most recent/Bond comments/Ad
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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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Svenska Handelsbanken became the first Nordic borrower to print a 10 year senior unsecured deal in sterling on Monday when it sold a tight £300m bond that was unsurprisingly dominated by UK accounts.
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Banks took advantage of strong risk appetite this week to load up on senior unsecured funds. Caixa Geral de Depósitos staged its debt market return with a three year fixed rate note, while French borrowers piled up floating rate funding.
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Investors rushed into Coventry Building Society’s euro deal this week, as the UK lender re-opened a key funding channel in anticipation of the end of government liquidity schemes. But finding the right pricing for the transaction proved a challenge with few comparable bonds outstanding.
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FIG investors across Europe are still keen on new senior unsecured issues, with Caixa Geral de Depósitos finding diverse European interest for its bond market return on Tuesday. Crédit Mutuel Arkéa’s two year floating rate note was more heavily supported by domestic accounts, but found enough international demand to place more than half the deal outside France.
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Dutch lender Achmea Hypotheekbank is offering to buy back up to $900m of government guaranteed debt in a liability management exercise, a move which will reduce its state aid payment burden. Meanwhile, Dexia Crédit Local increased the cap on its subordinated debt buyback to repurchase all of the bonds investors tendered.
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BPCE and Crédit Mutuel Arkéa added to a recent rush of short dated issuance on Tuesday with two year floating rate notes. The borrowers join a wave of others that have brought opportunistic senior unsecured transactions, taking advantage of investors that still have plenty of cash to invest.