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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European banks are accessing the longest average tenors in commercial paper (CP) in more than a year, despite some institutions in peripheral Europe struggling to print in the long end and a number of firms being placed on watch for downgrade by Moody’s.
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Intesa Sanpaolo has once again proved there is international demand for strong peripheral banks in the FIG bond markets. The Italian institution built on the success of the 18 month fixed rate bond it priced at the end of January with a five year fixed, which was priced on Monday at 355bp over mid-swaps.
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With Greece’s debt negotiations weighing heavily on the market, Italy’s Intesa Sanpaolo hit the market with a €1bn five year senior deal on Monday morning. Some bankers said the bank was taking advantage of the “last chance” for peripherals to issue before spreads widened once more as the market’s focus moved away from Greece.
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Barclays Bank led a flurry of dollar bonds this week from US and foreign financial institutions taking advantage of strong demand for short dated paper, especially three years.
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After a quiet week for senior unsecured, syndicate bankers were on Thursday hoping for a strong close to the week, as markets retraced some of their earlier losses.
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African Bank finished its bond roadshow on Wednesday in London, having also visited Switzerland, Singapore and Hong Kong, and a deal is expected next week. Credit Suisse, Goldman Sachs, Standard Chartered Bank and Rand Merchant Bank arranged the meetings.