Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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Abu Dhabi-based Union National Bank has released initial price guidance on a benchmark five year bond at 287.5bp area. The deal is led by Citi, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank. Books are open and the bond is expected to be priced on Tuesday or Wednesday.
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Korea Development Bank showed the renewed optimism of dollar bond investors last week, selling a tightly-priced $1bn 5.5 year deal.
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Contrary to the predictions of several bankers on Friday, there were no deals in the senior unsecured FIG market on Monday. With indices and secondary markets only slightly wider, bankers said the market backdrop was still supportive but that results season and upcoming holidays and data releases were holding issuers back.
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With Australia’s big four banks racing to launch the country’s first covered bond, Australia and New Zealand Bank grabbed an opportunistic £300m of senior unsecured funding on Tuesday.
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The positive sentiment caused by Thursday’s announcements from the EU continued into Friday, with Spanish lender BBVA tapping the market for €750m of 18 month fixed rate paper.
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The possibility that banks could soon count on state backing of their senior unsecured debt — as indicated by statements from EU leaders following their summit on Wednesday night — lifted the FIG market out of its funk on Thursday.