Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
◆ 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
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ANZ Bank expects to increase the number of currencies and structures in which it prints private placements, as it prepares for expected continued volatility in the public markets in 2012.
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FIG market participants are worried that some recent senior deals have pushed too hard for size, opening them up to punishment in the secondary market. With many asking how long the recent stream of supply will last, underperforming deals could derail the positive sentiment seen so far this year, said bankers and investors.
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Svenska Handelsbanken launched its third senior unsecured benchmark in as many days on Thursday, cashing in on a cheap basis swap from sterling into euros. The deal follows a £400m seven year, priced on Wednesday and a €1bn long five year, printed on Tuesday.
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Most market participants thought banks’ reappearance in the Swiss franc market would stop at Rabobank’s seven year trade that was priced on Monday. But ABN Amro’s first franc deal in six months — a Sfr100m minimum 1.5% two year senior unsecured note, which is likely to grow to Sfr200m — may be a first sign of clemency from Swiss investors towards the FIG asset class.
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The senior FIG market has seen more demand in the first two weeks of 2012 than in the whole of the second half of 2011.
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Barclays launched a €1.5bn self-led two year floater on Tuesday, following ABN Amro, Nordea and Rabobank, which all launched deals in that part of the curve last week, and SBAB, which priced one on Monday.