Most recent/Bond comments/Ad
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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A sudden shower of issuance in senior unsecured and covered bonds delighted borrowers, bankers and investors this week. However, although participants welcomed the development, they said it did not represent a sea change in sentiment and the future of Europe’s banks was still hanging in the balance, with ample room for disappointment.
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ING has increased its June 2021 senior unsecured US dollar notes by $325m, taking the total amount 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.
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A flurry of activity in the senior unsecured FIG market on Thursday raised bankers’ hopes that the market was waking from its three month coma. In the busiest week by volume for the asset class since late May, Standard Chartered Bank and Svenska Handelsbanken tapped the market for fixed rate deals, following transactions from Rabobank and SEB earlier in the week.
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Following soon after Rabobank’s €1.5bn seven year deal on Monday, Sweden’s SEB launched a two year floating rate transaction on Wednesday, sating investors’ thirst for Nordic names before most of the region’s banks go into blackout.
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A new €1.5bn seven year senior deal from Rabobank deserves high praise, bankers said on Tuesday, although they also said that the market was still waiting for a commercial bank issuer to open the floodgates by launching a landmark transaction — a "big splash", in the words of one banker. With issuers in no hurry to print, this could be some way off.
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Investors overwhelmingly opted to take senior unsecured paper in Banco Comercial Português’s exchange offer, which closed last week.