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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Société Générale became the first foreign bank to turn to the offshore renminbi market to fund its operations in mainland China, when it sold a Rmb500m ($79.4m) deal last week. The French bank now looks set to become a regular borrower in the market.
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Dutch lender ING printed a ¥50.7bn two year senior unsecured deal on Tuesday, providing Japanese domestic investors with the first ‘pro-bond’ — a new form of documentation intended to circumvent the heavy documentation requirements of the Samurai market.
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While bankers said they hoped strong results from US banks this week could revive the market, some raised concerns about the US market after Zurich Insurance pulled a dual tranche dollar deal on Tuesday.
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Spanish financial institutions were the subject of widespread speculation this week as rising government yields prompted concern that banks that had used LTRO cash to load up on Spanish government bonds could now face losses.
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The senior unsecured market opened slightly softer on Friday, with cash spreads marginally wider, especially in peripheral Europe. But bankers said trading volumes were low and hoped that better than expected results reported by JP Morgan would allow the US market to mount a recovery into the weekend.
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Senior unsecured bankers were on Thursday praying for the market to consolidate Wednesday’s recovery from Tuesday’s widening. However, market participants pointed out that wild swings in CDS spreads had not necessarily been mirrored in cash bond trading, and that provided markets continued to stabilise and issuers were willing to offer more generous premiums, issuance could be possible next week.