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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Agricultural Development Bank of China raised Rmb3bn ($471m) from a three-tranche offshore renminbi bond last week, using strong anchor demand to price the deal estimated to have been either inside or at least flat to its existing curve.
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Despite the downgrades of 15 major global banks by Moody’s on Thursday night, market participants said the move could help unclog FIG funding markets if banks moved to print with the ratings actions out of the way.
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Deals from Zurich Insurance Company and BNP Paribas tightened in secondary trading on Thursday, as investors digested Wednesday’s supply in the absence of new benchmarks.
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Australia & New Zealand Banking Group and ABN Amro Bank revived Swiss franc FIG supply this week, as domestic investors remained focused on the top rated banks for paper.
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Investors keen to load up on primary supply in top names ploughed into BNP Paribas and Zurich Insurance’s unsecured trades on Wednesday morning, pushing both borrowers to tighten pricing.
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Banco Comercial Português is buying back RMBS and senior debt below par, in a small scale operation that will nonetheless generate much needed capital for the Portuguese lender.