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
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France’s BPCE provided the only action of the week so far in senior unsecured, selling a €250m tap of its 2017s on Wednesday. Elsewhere, market participants hoped for stability after another day of volatility in credit indices and little activity in secondary trading.
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European accounts were allocated 60% of HSBC Bank plc’s international renminbi transaction on Wednesday — a deal that was timed to coincide with the launch of a bid to make London a hub for financial activity in the currency.
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Spreads drifted wider in the secondary senior unsecured market on Wednesday, despite a more encouraging open and two new covered bond deals. Bankers said many issuers were either comfortably funded or in blackout so would not issue, but those that did would look to covered bonds rather than senior.
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HSBC is considering turning to the offshore renminbi for the first time, swelling the list of foreign banks in the market. Rival bankers said the big name recognition the bank enjoys in Hong Kong means it will have little trouble generating demand for the bond.
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Expectations that UK clients will increasingly look for renminbi denominated assets was driving HSBC’s groundbreaking international renminbi transaction on Wednesday — which coincides with the launch of a bid to establish London as a centre for a new market.
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BRE Bank plans to build on its most successful year ever by diversifying its investor base through medium term notes (MTNs). It expects to print in tenors of between three and five years.