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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Pasha Bank became the first private bank from Azerbaijan to co-manage a Eurobond issue when it helped bookrunner BNP Paribas place the $150m 14.75% Baghlan Group bond last month. And its CFO Farid Akhundov says there are more Eurobond issues to come from the country, including notes from Pasha Bank itself and Azenerji, the largest electrical power producer in Azerbaijan.
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Financial institutions have romped through the senior unsecured market over the last week after a well-received EU summit, printing €9.75bn of paper in what is the biggest week for issuance from the sector this year.
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Trading in the week’s new senior unsecured bond issues slowed on Thursday, allowing spreads to settle and borrowers and syndicators to focus on market developments in the run up to the weekend. With key central bank meetings on Thursday and the release of non-farm payroll data on Friday, bankers and issuers said borrowers would avoid the market over the next two days but could well bring deals on Monday if conditions allowed.
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A solid secondary market performance from Tuesday’s new issues could encourage more peripheral banks to hit the strong bid for senior paper, bankers told EuroWeek Bank Finance on Wednesday.
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German and Austrian accounts showed their support for core European jurisdictions on Tuesday, dominating allocation in ING’s three year and Raiffeisen Bank International’s five year senior unsecured issues. Both deals were outperforming the rest of the senior market on Wednesday, and bankers were full of praise for what they saw as textbook execution in both cases. Some said the deals had paved the way for supply later in the week.
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Senior unsecured buyers put in almost €8bn of orders on Monday as FIG borrowers rode a wave of positive sentiment that began last Friday. Following a well-received dual tranche print from Nordea at the end of last week, Société Générale followed suit with a dual three and 10 year deal on Monday, as Danske Bank and Svenska Handelsbanken issued three year bonds.