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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There was little agreement this week over whether Spanish borrowers might stage a comeback to the debt markets after the summer break.
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Bankers are preparing for a potentially busy week of FIG issuance ahead after Nordea drew in close to €3bn of demand for its dual tranche five and 10 year transaction on Friday morning.
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Spanish and Italian banks appeared isolated on Thursday as their senior unsecured paper continued to widen sharply, leading many houses to quote paper from Spanish national champions on a cash price basis — a practice normally reserved for high yield and emerging market credits.
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The senior unsecured market has seen supply for the third week running, with BPCE pricing a €600m long 10 year on Tuesday. These days that is something of an event, but bankers nonetheless said they were disappointed that the backdrop had not proved more conducive to new issues.
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Dutch lender NIBC Bank on Wednesday bought back €250m of government guaranteed debt after investors tendered nearly €293m of their bonds at the issuer’s maximum repurchase spread of 15bp over the Dutch sovereign curve.
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China Construction Bank raised Rmb1bn ($157m) from a dual-tranche offshore renminbi bond late last week, timing the deal to avoid a pending issue from the mainland government. It was the mainland entity’s first dim sum bond in four years.