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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UniCredit Bank Austria, the Italian lender’s Austrian subsidiary, could return to its abandoned senior unsecured trade from last week if the 10 year bullet tier two launched by the parent on Monday is well received, said a FIG syndicator. Others disagreed, however, saying the problem with the original deal was not the credit but the pricing.
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BNP Paribas was the highest profile FIG borrower to take advantage of a sharply improved backdrop this week, bringing a 10 year benchmark with less spread than where it priced a seven year just two months ago. But with many issuers in blackout, syndicate bankers were frustrated that so few borrowers could be tempted into the strong conditions.
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Two second tier bank issuers took advantage of strong demand for their paper on Tuesday with Co-operative Bank and ASB Finance making well regarded debuts in euros and sterling respectively. "Spreads are tight and markets are open to second tier names," said a credit analyst at a real money investor. "So they’re more likely to do senior, and save their powder for covered bonds for more stressed conditions."
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Russian lender VTB Bank raised Rmb1bn ($239.4m) after returning to the offshore renminbi bond market following two years of absence, defying scepticism from some rival bankers that the deal was too tightly-priced to be successful.
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Japan’s Mizuho Corporate Bank raised $2.5bn from a two tranche deal in the international bond market last week. But it could be the last of Japan’s big banks to sell bonds this year, said bankers.
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Russian lender VTB Bank raised Rmb1bn ($160m) after returning to the offshore renminbi bond market following a two year absence, defying scepticism from rival bankers that the deal was too tightly priced to succeed.