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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With most of Europe on holiday, syndicate bankers in London painted a grim picture of the prospects for new senior bank issuance on Thursday, as worries continued about banks in Greece and Spain.
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At an HSBC conference on financial institutions, group chairman Douglas Flint said his bank firmly supported bail-in as a concept but that much more worked need to be done to iron out potential problems with the framework.
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FIG syndicators on Wednesday were looking forward to seeing more supply in senior unsecured after OP Mortgage Bank came to the covered bond market with a well-received €1.25bn deal — although they admitted new issues in senior would probably not come this week.
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Tesco Bank has closed books on its third retail bond, a £200m eight year deal with a 5% coupon. Books were supposed to close on Wednesday but bookrunners Barclays and Investec were forced to shut them early because of the strength of demand.
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Italian banks’ CDS levels tightened in with the rest of the market on Tuesday, despite Moody’s downgrading the long and short term ratings of 26 Italian banks by up to four notches.
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Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) finally pushed through with its $250m debut in the international bond market late last week.