Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
◆ Market participants await Meta's rumoured euro debut ◆ Carrefour sells first Friday corporate deal since June ◆ Three FIG names hit the market
Higher new issue premiums make deals shine amid market volatility
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
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ANZ Limited had raised over £325m of demand for its long three year deal by mid-morning on Tuesday, with an issue that rival bankers said benefited from little supply in the sterling market and a strong tone generally.
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Peripheral issuers could get a break as strong demand for FIG paper continues and as supply from banks in core Europe remains slim, bankers say.
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Wells Fargo announced its return to the euro senior market this week with a stellar €5.6bn order book for a 10 year bond, demonstrating just how strong investors’ hunger for yield remains as they pile into longer-dated FIG paper at every opportunity.
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The FIG dollar market grabbed the limelight this week as MetLife printed the tightest coupon ever for a 30 year bond from the financial sector.
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Citi is buying back $570m equivalent of sterling and Swiss franc-denominate senior debt, having increased the cap on the liability management exercise from $500m to cope with demand.
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Balance-sheet encumbrance poses a growing risk to the supply of senior unsecured debt in Europe, according to new research from Fitch Ratings, while bankers said the level of encumbrance at European banks is an increasing concern for investors.