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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British investors gobbled up 30% of KBC Ifima’s €1bn five year on Tuesday, beating German participants, normally KBC’s biggest supporters. The deal, which was priced at 280bp over mid-swaps, was quoted both wider and tighter than re-offer on Wednesday morning, with some bankers suggesting the UK participation could indicate that hedge funds were involved.
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Participants in the senior unsecured market on Wednesday said they expected longer maturities to become more popular among issuers as demand from investors is met by issuers’ desires to extend their maturity profiles.
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Asian bond issuers have launched 12 taps over the last three months, all to deals originally sold since the start of the year. The speed of these bond increases has slowed down, but EuroWeek Asia readers still think there are still more to come.
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Belgian lender KBC Ifima on Tuesday priced a €1bn five year senior unsecured deal into a strong market, as secondary spreads continued to tighten. Bankers involved in the deal and away from it put the new issue premium between zero and 10bp, depending on where they saw the issuer’s existing curve. -
The UK’s Debt Management Office says investor worries that a new bank debt guarantee scheme would push senior unsecured bondholders down the capital structure are unfounded.
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With the European Financial Stability Facility set to dominate attention this week, financials will find it difficult to issue in euros, bankers said on Monday. There were no new deals in the euro market and syndicate bankers said senior unsecured issuers would instead look to the US dollar market for financing.
