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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With Sunday’s EU summit looming and results season kicking in, FIG issuers have slipped back into market-monitoring mode after a recent flurry of issuance ended with deals from Commerzbank and HSBC on Monday.
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Kuveyt Türk Participation Bank has released price talk at 6% yield area for a dollar five year sukuk. The deal will be no larger than $350m. It will incorporate a change of control put option exercisable if Kuwait Finance house ceases to own at least 51% of Kuveyt Türk. Books for the deal are open and the note is expected to be priced this week.
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The window for senior unsecured FIG issuance slammed shut on Tuesday after indices and secondary spreads widened, with FIG bankers blaming a lack of cohesion among Germany’s politicians over a European rescue package. Most recent senior deals were wider in the secondary market, although Monday’s transactions from Commerzbank and HSBC were generally well received.
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Commerbank and HSBC priced senior unsecured deals on Monday, after indices and spreads continued to tighten and the market’s risk-on sentiment survived the weekend intact. But bankers emphasised that the senior FIG market was still fragile, voicing concerns that politicians would disappoint at the EU summit on October 23. -
Four top tier issuers took advantage of a window of positive sentiment and tightening spreads this week to price oversubscribed deals with strong aftermarket performance, in what was the senior unsecured FIG market’s busiest week by volume since late May.
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ING has increased its June 2021 senior unsecured US dollar notes by $325m, taking the total issued to $925m. The tap, led by Deutsche Bank, was based on reverse enquiry. The deal was initially increased by $250m, before another $75m was added. The spread was 295bp over Treasuries.
