Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ Coventry Building Society orders reached £4bn ◆ Banco Santander finds price sensitive investors ◆ New issue premiums vary -
Average new issue premiums in May were lower than a month earlier even though a larger volume of bonds was priced
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◆ Bankers away from mandate hail sale ◆ Issuer pays zero new issue premium on both legs ◆ Belfius extends green senior preferred curve
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◆ Low beta issuers 'more challenging to sell' ◆ Investors turn cautious on FRNs ◆ New issue premiums 'will come back'
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Fair value is about 180bp over mid-swaps says a banker on the trade
