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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DBS Bank’s Chinese branch is set to follow Mizuho Corporate Bank (China) into the onshore renminbi bond market this week, making its debut with a Rmb500m ($79.6m) three year deal.
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Rabobank sold its first Australian dollar puttable on Monday, in a bid to find attractively priced funding while still complying with net stable funding ratio rules.
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FIG syndicate bankers on Wednesday called for issuers that still need funding to come to market now rather than waiting in the hope that spreads would tighten. Market participants acknowledged that many borrowers were comfortably funded, but said that upcoming events could destabilise markets in the run-up to summer. They called for treasurers to print sooner rather than later.
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Tesco Bank will meet investors at the London Stock Exchange on Thursday to discuss the company’s performance and the possibility of a retail bond issue. Barclays and Investec are arranging the meeting.
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Strong FIG borrowers will hold back from printing in the senior market as long as spreads remain at wide levels, said bankers on Monday. With much of Europe on holiday on Tuesday, activity is low in senior, although Lloyds saw its spreads tighten in response to encouraging first quarter results.
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State-owned Bank of Ceylon opened the international bond market for Sri Lanka issuers late last week, when it sold a $500m five year issue that was nearly eight times oversubscribed. Bankers expect several government-owned entities and banks to follow.