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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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Senior unsecured bankers were holding their breath on Friday morning as markets nervously awaited the outcome of Greek’s vote of confidence in its prime minister, George Papandreou. After the EFSF was forced to postpone its deal because of volatile market conditions, bankers said senior would be the last main funding market to recover.
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Abu Dhabi’s Union National Bank braved the market turmoil on Wednesday, pricing its five year 3.875% note, but with a size of $400m, smaller than the market had expected.
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Further confusion in Europe put senior unsecured funding beyond the reach of Europe’s financial institutions on Thursday. As Greece’s government teetered on the brink of collapse amid renewed questions over the Grand Plan agreed by Europe’s heads of state last week, bankers prayed for a positive outcome from key EU meetings on Thursday and Friday.
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The senior unsecured FIG market traded nervously on Wednesday as market participants awaited a string of key meetings in the eurozone — again. CDS and cash spreads continued their upward march in the wake of Greece’s decision to hold a referendum on its bailout, prompting issuers to put any plans to print on hold, although the widening was only slight compared to Tuesday.
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Holders of Anglo Irish Bank’s senior debt are set for a windfall after the Irish government sanctioned the repayment at par of a $1bn bond coming due on Wednesday November 2. While many market participants said the decision was positive for senior bondholders, the Irish government faced criticism over its handling of the repayment.
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The recent optimism of participants in the senior unsecured FIG market was crushed on Tuesday as spreads widened after the Greek government called for a referendum on the bailout agreed for the country at last week’s EU summit.