Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
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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A quick €1bn 10 year from BNP Paribas just ahead of a European Council summit on Thursday and Friday received plaudits from rival bankers for its execution. Bankers expected senior issuers to stay out of the primary market during the summit, where Europe’s politicians are due to discuss the finer points of a banking union.
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Two second tier issuers took advantage of good demand for their paper on Tuesday with Co-operative Bank and ASB Finance making well regarded debuts in euros and sterling respectively.
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BNP Paribas kept books open for just 49 minutes on Wednesday morning on a 10 year trade as orders flooded in and senior paper traded tighter across the market following a Moody’s affirmation of Spain’s credit rating.
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Co-Operative Bank launched a debut euro benchmark and ASB Finance a sterling trade on Tuesday, as second tier issuers continued to circle the senior unsecured market.
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Co-operative Bank and ASB Finance mandated for euro and sterling senior unsecured transactions respectively on Monday. But no new issues hit the screens despite a decent market backdrop.
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In sharp contrast to the struggling senior unsecured deals from UniCredit Bank Austria and Banco Popolare, Intesa Sanpaolo and Van Lanschot tightened deals on the back of strong demand on October 8.