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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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Despite political volatility and inclement market conditions, Deutsche Bank managed to add €250m to its floating rate October 2013s on Friday, taking the total amount issued to €2bn. Meanwhile, bankers lambasted EU organisations for the lack of communication around plans for a senior unsecured bank guarantee scheme.
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Senior unsecured FIG market participants on Monday said any new government guarantee scheme for the sector was likely to be underwhelming, after it emerged that plans to form a syndicate of EU governments to backstop longer-term bank debt had been rejected.
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UniCredit has overhauled its funding strategy to insulate itself from hostile wholesale markets, its head of funding said this week. With the senior unsecured market shut even for top tier issuers, the bank announced a new funding strategy for 2013-2015 with an “embedded” policy of no issuance in senior unsecured.
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Panic took hold of the secondary senior unsecured market on Thursday, in the wake of weak Spanish and French government bond auctions. Southern European bank paper widened, as market participants grew increasingly despondent about the prospects for issuance before the end of the year.
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Despite widening in the rest of the senior unsecured market, Deutsche Bank on Friday saw fit to tap its 2013 floating rate notes on Friday — which originally priced at the end of September, reopening the senior market after the summer drought — by €250m, bringing the total amount issued to €2bn. Bankers called the deal “a sign of life” but said it was unlikely to have much of a positive effect on the wider market.
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HSBC Holdings priced the first European FIG deal in the dollar market since May this week when it took home $1.65bn in a two-part offering.