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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Raiffeisen Bank International is set to print €500m of three year senior unsecured paper, having attracted over €1.6bn of demand from around 160 investors.
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Despite a lack of primary issuance on Monday, participants in the senior unsecured FIG market expected issuers to hit the market over the next couple of days, even with the European Central Bank’s second long term refinancing operation (LTRO) approaching at the end of this month.
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Danish issuer Sydbank hit the market with a €500m two year print on Thursday, offering holders of its September 2012 bonds the chance to switch into the new bond alongside fresh investors. The exercise echoed an exchange offer from Italy’s Banca Popolare di Vicenza, which allowed new investors into the mix after existing holders had tendered their bonds.
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Senior unsecured investors were spoilt for choice in the five year part of the curve this week as three banks issued deals in that maturity, following on from a five year benchmark from BNP Paribas at the end of last week.
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With expectations of a €1tr or higher second long term refinancing operation (LTRO) by the European Central Bank next Tuesday having slumped to €400m-€500m, a more muted impact is in prospect than after December’s exercise.
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Chinese banks are weighing up the advantages of using euro medium term note (EMTN) programmes as an alternative source of funding to certificates of deposit (CDs), dealers said, as two rare Asian names printed notes.