Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Higher new issue premiums make deals shine amid market volatility
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
◆ 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
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Macquarie Bank closed a $250m loan at the start of this week, increasing the deal over its initial target after getting demand from 14 banks in syndication.
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Banco Espirito Santo’s high-yielding three year surprised many FIG bankers with its order book of €2.7bn, but they were buoyed by the evidence that investors are willing look at that kind of name. The deal’s eye-catching 6% yield was lapped up by the market, prompting hope that the Portuguese champion had opened the market for peers Caixa Geral and Banco Comercial Português.
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Achmea Hypotheekbank saw strong demand for its €500m inaugural senior unsecured bond on Wednesday. Leads on the deal said that taking time to gather plenty of feedback from investors had paid off, with the deal tightening another 2bp on Thursday morning.
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Aareal Bank has broken a quiet spell in international FIG issuance in Swiss francs and is set to price a floating rate note. The lack of recent issuance has led to strong investor take-up for the deal, despite its small size.
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Banco Espirito Santo found good demand for the first public senior unsecured deal from a Portuguese bank since the first quarter of 2010 on Wednesday, which arrived with an eye-catching 6.25% yield. Achmea Hypotheekbank also opened a €500m trade, with books well above €1.5bn by midday.
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Swedbank launched a sterling three year floater on Tuesday morning, following a steady trickle of similar deals this autumn. However, the senior unsecured market is "as quiet as Christmas", one FIG banker told EuroWeek Bank Finance.