Senior Debt

◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition

Atanas Dinov, September 22, 2026

FIG

Dark clouds surround The Eiffel Tower as seen from Rue Soufflot , a street lined with impressive apartment buildings ,Paris ,France

French banks grab opportunistic funding across the capital stack as OATs deteriorate

Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings

Atanas Dinov, September 22, 2026

FIG

Building of AIB (Allied Irish Bank) branch in Dalkey, Dublin, Ireland

AIB achieves 'amazing spread' on green senior offering

◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday

Flynn Nicholls, September 21, 2026

FIG

ROME, ITALY - JANUARY 15, 2025: Signage of BPER Banca on an office building in Rome, Italy. Formerly banca popolare dell emilia romagna it's an italia

BPER Banca grabs constructive window to print rare non-preferred

◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A

Flynn Nicholls, September 21, 2026

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FIG

FIG issuers have to wait for Swiss return to senior, covered

FIG borrowers started reappearing in the Swiss franc market this week after domestic investors imposed a veto on senior unsecured transactions and covered bonds in the last quarter of 2011.

January 06, 2012
FIG

Pernod and FIGs on US New Year menu

Big names — from four continents — took the lead in the high grade dollar bond market this week. A motley group of US financial and industrial firms led by Citigroup and GE Capital were joined by Japan’s Sumitomo Mitsui Banking Corp, Canada’s Bank of Nova Scotia, Daimler and Pernod-Ricard from Europe and the Brazilian and Mexican sovereigns (see Emerging Markets section).

January 06, 2012
FIG

Banks recycle LTRO cash as senior flurry continues

Bank investors hoovered up short end paper in Wednesday’s senior unsecured offerings, with DCM bankers saying many treasurers were looking to put to work the three year money they took in the European Central Bank’s long term refinancing operation (LTRO) in December.

January 05, 2012
FIG

Trio of senior hits FIG market but ECB use reveals underlying stress

Three northern European banks stormed into the market with senior deals on Wednesday, bucking last year’s trend for short-dated floaters by tapping the longer end of the curve.

January 04, 2012
FIG

BTA boldholders brace for second restructuring

Kazakhstan’s BTA Bank has not yet paid the outstanding coupon due on January 1 on its $2bn 10.75% 2018 bonds. Its actions have fuelled fears of a second lengthy bond restructuring in just three years. BTA Bank forced creditors to write down part of $12.2bn of debt in 2009.

January 03, 2012
FIG

Forecast disparity reveals depth of FIG uncertainty

Analysts’ forecasts suggest that the outlook for the senior FIG market in 2012 is uncertain, with regulatory developments, high spreads and Europe’s debt crisis all contributing to a lack of visibility in the asset class.

January 03, 2012