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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Definitive action on European’s sovereign debt crisis is needed before senior unsecured markets can re-open, bankers said on Wednesday as financial institutions tapped covered bonds for the second day running.
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Debate raged on Tuesday morning over whether or not a European Central Bank covered bond purchase programme (CBPP) could reignite the senior FIG market. While most bankers agreed such a move would be positive for the covered bond market and could by extension improve conditions in senior, many called on the ECB to buy senior directly.
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Participants in the senior unsecured FIG market on Monday struggled to make sense of the ECB’s announcement that it would consider buying covered bonds, saying it would encourage more encumbrance of assets and make the possibility of gaining senior funding even more remote.
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Man Group on Wednesday priced its dollar buyback as well as releasing details of a separate cash tender on a euro issue.
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In spite of a stronger start to the week and encouraging supply in corporate and covered bonds on Wednesday, any positive sentiment that existed in the senior FIG market withered and died on Thursday after Moody’s downgrade of three US banks pushed indices and cash spreads wider.
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Man Group yesterday priced its dollar buyback as well as releasing details of a separate cash tender on a euro issue.