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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American International Group announced on Wednesday morning that the final volume of its tender offer, which it launched on April 23 with a cap of Sfr350m ($379.48m), was Sfr338.46m. All offers were accepted and none of the buyers were pro-rated. Co-ordinators Credit Suisse and UBS will price the offer at 1pm London time on Wednesday.
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German transport lender DVB Bank on Tuesday mandated DZ Bank, LBBW and UniCredit for a €500m no-grow senior unsecured bond, having hit the road for a series of meetings with domestic investors two weeks ago.
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Tesco Bank has launched its third retail bond through the London Stock Exchange’s order book for retail bonds (ORB) platform. It will aim to replicate the success of its previous two deals, which netted the firm £125m and £60m, as well as that of other issuers that have recently tapped retail investors, such as Provident Financial.
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Credit investors are allies of supervisors when it comes to bank resolution — and bail-in will not kill the senior unsecured market, the Bank of England’s Paul Tucker is expected to say on Friday.
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UK hedge fund manager Man Group has bought back €165m of its 6% 2015 senior unsecured notes, leaving €216.165m outstanding.
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Syndicate bankers this week called for FIG issuers to print senior deals sooner rather than later, blaming upcoming French and Greek elections and poor growth figures for upsetting the market’s stability. But issuers said they were comfortable after a strong first quarter and two long term refinancing operations (LTROs) from the European Central Bank.