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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BNP Paribas printed a €1bn five year senior unsecured euro deal at 148bp over mid-swaps on Friday, drawing plaudits from the market for its execution.
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Liability management has become the must-have accessory for financial institutions over the past four months. The rush to reshape debt profiles is becoming even more pronounced as the clock ticks down to June 30, the European Banking Authority deadline by which Europe’s banks must have a core tier one ratio of 9%. No asset has been left untouched — not even covered bonds.
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Widespread bank downgrade threats from Moody’s and falling expectations for a quick resolution to Greece’s debt woes combined to slam the brakes on the senior unsecured market on Thursday.
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Market participants on Wednesday claimed ING had priced its 10 year senior unsecured transaction at too large a size. The deal, which was priced on Monday at 218bp over mid-swaps, inside official guidance, was set at €1.75bn.
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Citi has announced the results of its tender offer for sterling and euro-denominated euro notes.
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Italy’s Banca Popolare di Vicenza is offering investors the chance to exchange €2.5bn of senior unsecured debt into new notes due in 2014 and 2015.