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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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◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand -
◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity
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◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV
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◆ Commerzbank opts to raise long end senior funding for 2025 a week after dollar AT1 ◆ BFCM goes longer compared to recent multi-tranche Samurai ◆ Commerz pays no premium, BFCM offers slight concession
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Smaller and less frequent issuers aiming for open window to raise unsecured funding as investors hunt higher yield
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◆ September was second busiest month for FIG issuance in 2024 ◆ US insurers raise debt ahead of bank earnings ◆ Banks set to print from second part of October
