Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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Spreads tightened in the secondary senior unsecured market on Thursday, as the market became more optimistic on the results of the Greek PSI deal. However, there were still no new issues in the asset class, leaving bankers hoping for a positive start to next week.
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Increasing encumbrance of balance sheets is at risk of sidelining senior unsecured investors in a default scenario, especially in the wake of the European Central Bank’s second three year long term refinancing operation (LTRO), said analysts at Barclays Capital on Thursday. Bankers said encumbrance was becoming more of an issue for investors, but some senior buyers said it would be eclipsed by incoming bail-in legislation.
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As widening in CDS filtered through to the secondary cash market on Wednesday, Danske Bank’s €1bn two year floater, which was priced on Tuesday, was bid up to 7bp wider than reoffer. Market participants said that this showed senior unsecured was being increasingly sidelined as the market awaited the results of Greece’s PSI agreement and US payrolls data on Friday.
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Doha Bank has tightened price guidance for its $500m five year debut deal to 262.5bp-275bp over mid-swaps from initial guidance of 287.5bp area, in a deal being described as well executed.
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Danske Bank is set to price €1bn of two year floating rate paper at 110bp over Euribor, hitting the short end of the market in what bankers called an opportunistic move.
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Banco Popular Español on Friday became the latest peripheral European issuer to access the senior unsecured market, printing €750m of 18 month paper at 275bp over mid-swaps.