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Most recent/Bond comments/Ad
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◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020
◆ 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
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
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Bankers said on Monday that more European countries could follow Italy’s approach to national government guarantees, the rules for which were set out last week in a European Commission paper.
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Tesco Bank has launched its second retail bond, an eight year inflation linker that tracks the UK’s retail price index. The deal comes as Intermediate Capital Group, a mezzanine finance provider, is also beginning its own retail offering.
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With a €600bn maturity mountain to scale next year, half of it in the comatose senior unsecured sector, European banks are being forced to consider alternative sources to bridge the funding gap.
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Goldman Sachs is facing renewed calls for greater clarity on its proposed sukuk, just as the first sales of the $2bn programme are fast approaching.
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Investors have stepped in to buy peripheral bank paper from Italian and Spanish financial institutions in the wake of co-ordinated action from central banks to boost liquidity. Both dealers and real money accounts showed an interest, and also revived their interest in French names.
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Rabobank has lost its AAA rating from S&P after the ratings agency implemented its well-flagged new ratings criteria for banks on 37 of the largest global financial institutions. The Dutch lender was the only bank to receive a two-notch downgrade, going from AAA (negative outlook) to AA (stable outlook). Rabo had held a AAA rating from S&P since 1981.