Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
◆ 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
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Barclays Bank on Wednesday launched a five year government guaranteed bond, becoming the first bank to take advantage of the UK government’s national loan guarantee scheme (NLGS) which aims to provide small and medium sized businesses with cheaper credit by backstopping banks’ bond issuance.
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Swedbank launched its second deal of the year on Wednesday, pricing €1bn of four year paper at 107bp over mid-swaps, within official guidance. Meanwhile, the market digested a Tuesday of mixed fortunes in senior unsecured, with bankers praising Nationwide Building Society’s €1bn five year but saying ING’s seven year pricing was aggressive — and proving that the trend for negative new issue premiums in corporate bonds does not apply to the FIG market.
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Barclays is planning a five year government guaranteed bond issue as part of the UK’s scheme to bring down the cost of lending to small businesses, and could price the deal as soon as Wednesday, EuroWeek Bank Finance understands.
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Increased confidence about the health of the European bank sector has led Japanese investors to make a tentative return to medium term notes (MTNs) issued by the region’s lenders.
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Nationwide Building Society returned to unsecured issuance on Tuesday with a €1bn five year trade — its first public deal in senior for almost two years. Meanwhile, ING followed fellow Dutch lender ABN Amro into the long end with a seven year transaction.
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Santander’s recent five year senior unsecured bond continued to suffer in secondary markets on Monday, with some bankers seeing it bid around 320bp, some 70bp wider than re-offer. The widening came in spite of a tightening in Spain’s govvie curve, but bankers said investors were still focusing on Spanish bank debt, with some expecting spreads to gradually converge with Italian banks.