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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DnB NOR Bank launched an eight year sterling transaction on Thursday morning, following three deals in the currency last week from fellow Scandinavian institution Svenska Handelsbanken. Bankers were encouraged by the renewed interest in the sterling FIG market, which one said had been "moribund" since the onset of the financial crisis.
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Philippine bank Rizal Commercial Banking Corp (RCBC) plans to issue five year dollar bonds this week, its first fund raising exercise under a $1bn MTN programme. Rizal will use the proceeds to invest in other international debt issues.
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With many issuers unable to print because they are in blackout, volumes are down in the senior unsecured market despite an increasingly positive market backdrop.
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FIG bond investors are flush with cash to put to work but Standard & Poor’s sovereign downgrades have made issuers nervous and the dearth of public deals in the senior unsecured market has left bankers frustrated.
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Bankers said on Monday morning that they were confident the senior FIG market would weather the sovereign downgrade storm, saying that issuance plans were likely to have been put on hold temporarily rather than derailed altogether. After Standard & Poor's raft of sovereign downgrades at the end of last week, most recent new issues were trading inside reoffer on Monday morning.
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The FIG market shook off concerns over secondary market underperformance on Friday, with the majority of the week’s new issues tightening in the afterglow of positive Spanish and Italian government auctions.