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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French lender BPCE was expected to be courting the domestic insurance bid on Tuesday with its long 10 year bond. Market participants said the deal was likely to have been built on significant pre-placement with domestic investors, allowing the issuer to print on a day when most others chose to stay away.
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With a strong performance by recent deals failing to convince other senior unsecured issuers to hit the market on Monday, bankers were advising FIG borrowers to consider targeting their domestic investors if they wanted to print deals before the summer.
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A senior banker at one of Europe’s strongest financial institutions this week attacked the investment banking industry’s "window-driven" approach to market access for senior unsecured borrowers, saying it discouraged issuers from printing and investors from buying.
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Korea Exchange Bank raised $700m at the start of this week, returning to the bond market after a two year absence to tap a rare moment of optimism among Asian investors, and building a $5.5bn order book in the process.
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NIBC said this week that it was using excess liquidity from a growing deposit programme to buy back a government guaranteed note and smooth out a redemption spike.
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FIG investors flocked to deals from Zurich Insurance Company and BNP Paribas on Wednesday, as rallying markets helped the two issuers build solid books. Zurich’s deal was more than eight times subscribed, despite coming more or less flat to its secondary curve.