Most recent/Bond comments/Ad
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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BNP Paribas added to the week’s rush of short dated floating rate notes on Friday, selling a €1.5bn two year deal at 43bp over three month Euribor. Low rates are attracting issuers to the short end of the curve, and more deals could come as borrowers replace LTRO funding, bankers said.
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Citi is making further progress in reducing its long term debt — already cut by $14bn this year — with a jumbo cash tender offer.
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ING and Aktia Bank took advantage of a bullish FIG market on Thursday, raising senior unsecured funds after spreads tightened some 20bp over the last week. But not everyone has been enticed by the strong conditions — SNS Bank says its plans to hit the market are only in “first gear” after postponing a roadshow.
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UK Chancellor George Osborne underscored the government’s interest in developing bail-in specific instruments in a discussion with members of parliament on Wednesday morning.
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Goldman Sachs returned to the Australian dollar market on Tuesday after an eighteen month absence, bringing a A$600m ($622.89m) dual tranche fixed and floating rate Kangaroo bond. While bankers on the trade were pleased with the level of granularity in the orderbook, others said the deal suffered from comparison to a similar deal brought by JP Morgan last month.
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Investors searching for yield found opportunities down the credit curve this week, as second tier FIG credits Jyske Bank and Iccrea Banca launched senior deals in short maturities. Meanwhile, JP Morgan pushed out further with a well subscribed seven year euro deal, but found it underperformed in the secondary market.