Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
◆ 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
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As the euro market digested trades from Lloyds and Swedbank, DnB NOR Bank on Friday priced a ¥65bn ($844m) five year samurai at 140bp over yen swaps, beating its target size by ¥25bn.
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Lloyds and Swedbank capitalised on strong investor demand following a drop in primary supply this week, both bringing five year deals which achieved impressive levels of oversubscription.
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Denmark’s Nykredit said "extremely strong" market conditions pushed it to launch a two year floater on January 20, a deal bankers saw as an encouraging sign that the senior unsecured market is opening for a broader range of issuers.
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A recent secondary market rally and investors’ renewed appetite for senior unsecured risk encouraged ABN Amro Bank to move further along the maturity curve this week when it priced its second Swiss franc trade of the month. Its Sfr185m 2.5% five year bullet followed a Sfr250m 1.5% two year note on January 11.
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With investors scrabbling for bank paper after a powerful secondary rally and a slowdown in new issues since the year’s initial rush, bankers are urging financial issuers to seize a compelling opportunity to raise new debt. A €1.5bn Lloyds TSB senior deal that attracted almost €4.5bn of orders in just 90 minutes on Thursday morning underlined the point.
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Recent rallies in the secondary market and investors’ renewed trust in senior unsecured risk encouraged ABN Amro Bank to move further along the maturity curve when launching its second Swiss franc trade of the month – a Sfr100m minimum 2.5% five year bullet.