Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
◆ 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
More articles/Ad
More articles/Ad
More articles
-
Wide spreads in CDS and secondary markets mean the FIG market is unlikely to see supply this week, even as banks begin to come out of closed periods. Bankers on Tuesday were frustrated that encouraging first quarter results from many financial sector issuers had been overshadowed by political instability and concerns around peripheral and some core European sovereigns.
-
Lloyds TSB has mandated its own investment banking arm to arrange a five year government guaranteed benchmark transaction, having signed a new £6bn debt programme dedicated to issuing debt under the UK’s national loan guarantee scheme (NLGS).
-
German lender DVB Bank is looking to bring a senior unsecured euro benchmark deal in the near future and will hold meetings with institutional investors in Germany this week. It hopes the deal will help it build a benchmark curve.
-
UK hedge fund manager Man Group is aiming to buy back up to €200m of senior debt in a tender offer that is intended to reduce surplus funding.
-
The senior unsecured market was an irrelevance for most FIG borrowers this week, with results season hitting full swing and those few issuers that were in the market preferring to focus on covered bonds.
-
A London market for offshore renminbi is still no more than nascent. But HSBC’s carefully choreographed Rmb2bn deal this week, the first to be executed in London, has been hailed even by rivals as an important step in the development of the asset class. Whether it will help the City to be a “bridge between East and West”, in the words of UK chancellor George Osborne, remains to be seen. But as Katie Llanos-Small writes, the prospects look strong.