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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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Uncertainty over how bail-ins of European banks will work in practice is worsening the FIG funding crisis caused by the eurozone meltdown, bankers and investors claimed this week.
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FIG issuers have come close to tapping the senior unsecured markets but have been put off by concerns that investors are not yet ready for primary supply, said bankers on Thursday.
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Bankers on Wednesday morning said senior unsecured bonds were being neglected in the cash market, as buyers opted for covered bonds or subordinated debt instead.
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Moody’s ratings actions on French banks reflect the concerns of credit investment analysts who said the downgrades should not have come as a surprise.
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FIG bankers expressed concern about bail-in proposals included in the final recommendations of the Independent Commission on Banking, as CDS and cash bond spreads widened once again on Tuesday morning. Meanwhile, French banks were hit hard in the cash market as the sell-off in equities continued.
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CDS spreads on senior unsecured bank debt hit new records on Monday morning, as the iTraxx senior financials index breached 214.5bp for the first time. Bankers said the market was in freefall and that there was no chance whatsoever of issuance this week.