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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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Russian lender Gazprombank is planning a series of investor meetings for a potential Reg S dollar transaction. The deal would be the bank’s first dollar-denominated bond since July 2010, when it issued a €500m four year deal.
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Core European FIG borrowers are increasingly being divided into two camps — the “soft core” and the “hard core”, said bankers on Wednesday. With secondary spreads widening even for banks from traditionally core jurisdictions such as France, buyers are picking up clips from strong names such as Svenska Handelsbanken and Nordea, while peripheral institutions suffer.
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Dutch financial institution Achmea is buying back up to $900m of government guaranteed debt in a tender expiring on December 20.
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Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, is preparing to issue a dollar-denominated sukuk and will undertake a series of investor meetings. The bank has mandated Deutsche Bank, QInvest, Emirates NBD and Noor Islamic Bank to manage the meetings, beginning this week.
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Abu Dhabi Islamic Bank (ADIB) issued a $500m benchmark dollar denominated sukuk on Tuesday, following investor meetings that began last week.
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Although sentiment was marginally better in the senior unsecured market on Tuesday than the previous day, buyers are still unwilling to commit cash to a sector that is plagued by uncertainty.