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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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Banks could be able to draw on state guarantees to insure their senior unsecured debt, according to announcements made on Thursday by the EU heads of state and the European Banking Authority. The plans provoked relief among senior unsecured market participants, who said it could unlock a funding market that for some time has been off-limits for all but the top echelon of bank issuers.
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The senior unsecured market traded nervously on Wednesday morning ahead of the EU summit in Brussels, with cash bonds and indices marginally wider as bankers debated the outcome of the meeting and disagreed over how many borrowers would be interested in tapping the market after the evening’s expected announcements. Meanwhile, bankers involved in ANZ’s sterling floater said the bank had moved to get senior funding in the door before the market was flooded by covered bonds from Australian lenders.
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While the euro market, and indeed European bank borrowers, awaited the results of Wednesday’s EU summit, the sterling market was briefly lit up by a southern hemisphere issuer. ANZ is selling a £300m three year floater, co-managed by Bank of America Merrill Lynch and ANZ itself, EuroWeek understands.
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Russian Standard Bank (RSB) is the latest Russian borrower to be considering the euro commercial paper (CP) market, holding talks with investors about the deal on Tuesday morning, the bank has confirmed to EuroWeek. October has already seen two other Russian companies, Alrosa Finance and Gazprom, approach the ECP market as public markets are rocked by the eurozone crisis.
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Despite steady markets, FIG issuers are unwilling to raise senior unsecured funding before Wednesday’s EU summit, said bankers on Monday morning. With bank recapitalisation near the top of the agenda, market participants are concerned that forcing banks to meet capital ratio targets could lead to turbulence in day-to-day funding markets as well as banks shrinking their balance sheets.
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VTB launched its first Swiss franc trade since July 2010 on Thursday — a Sfr150m 5% four year senior unsecured note which was increased from Sfr100m on the back of strong demand.