Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The new issue premium was slim, thought observers
◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid
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Market reaction suits unsecured deals, from those not in blackout, as soon as Friday -
◆ New trade is longest and largest in euros from the Japanese non-bank financial ◆ Some premium offered after eyeing tighter landing ◆ Outcome deemed ‘good’ considering smaller following to bank issuers
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◆ Dutch lender prints in receptive market for smaller issuers ◆ Buyers have returned its bonds after August sell-off ◆ Single digit new issue premium
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◆ Portuguese lender attracts 'absolute' spread buyers ◆ Pricing seen flat if not inside fair value ◆ Appetite for 'underweight' Portuguese risk helps
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◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election
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Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
