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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After European bank shares dropped on Monday, pushing CDS indices wider, the senior unsecured market tightened on Tuesday morning. Spreads were still wide, but bankers said Nordic borrowers could reopen the market.
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A volley of negative events has pushed hopes of a senior unsecured reopening back by at least another week, syndicate officials said on Monday. Amid the wholesale market turmoil, one Spanish bank has turned to the retail market for funding.
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Bankers and investors were increasingly concerned about the outlook for the senior unsecured financial institutions bond market this week, even as liquidity continued to flow into covered bonds.
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Capital ratios or CDS levels could be used as pricing references for bank bonds guaranteed by a supranational, it was suggested this week.
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Bankers voiced concerns about the immediate future of the senior unsecured FIG market on Thursday, even as the covered bond market flourished after recently reopening. Market participants said that even if Eurozone volatility were to stabilise, there would still be serious questions to be answered about the security of senior as an asset class.
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China Citic Bank is planning to raise as much as Rmb30bn ($4.7bn) in the offshore renminbi bond market, adding to a growing pipeline of deals from mainland financial institutions that some investors fear could be hard to swallow.