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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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The FIG market was open for business on Monday as Rabobank launched a seven year euro deal, testing the depth of demand for senior unsecured bank debt amid talk of Europe-wide bank recapitalisations. Rabo's move followed Deutsche Bank’s €250m tap of its €1.5bn two year floater on Friday, after reverse enquiry following the original deal.
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Optimism pervaded the senior FIG market on Thursday after a poor start to the week when bankers complained that a €500m ABN Amro follow up to a €1.5bn market re-opening Deutsche Bank deal last week had stolen the market’s momentum.
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An optimistic rally lifted the senior FIG market on Thursday as bankers crossed their fingers that discussions around bank recapitalisations would result in concrete measures. As the Bank of England announced a £75bn increase in its quantitative easing programme, the market waited for a similar message from the European Central Bank regarding its refinancing operations.
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Islamic finance house Kuveyt Türk Participation Bank has mandated HSBC, Kuwait’s Liquidity Management House and Standard Chartered Bank to arrange a series of fixed income investor meetings.
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Suggestions that the European Union could conduct recapitalisations of Europe’s financial institutions have been met with resounding scepticism in the senior unsecured FIG market, as investors offload paper in the secondary market from all but the top tier European banks. However, bankers said many issuers and investors were ready to jump into the market as soon as conditions improved.
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With the future of Belgian lender Dexia in the spotlight, bankers on Tuesday suggested the bank’s troubles were the first sign of a crisis in European bank business models, spurred by rising funding costs and the broader market environment. Meanwhile, market participants said that although many financial institutions were comfortable in terms of liquidity, political pressure from regulators and ratings agencies was pushing them towards expensive public market issuance.