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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Stability, and even some tightening, in the FIG market fuelled optimism among bankers, but absolute spreads still remain too high for many borrowers to consider funding, they say.
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Conditions in the senior unsecured market are the worst banks have ever seen, bankers said on Tuesday morning, as FIG issuers turned to covered bonds instead.
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Even a covered bond revival and a rally in US banks could struggle to kick-start the stalled European senior unsecured debt market, bankers said this week. With concerns over fund outflows, regulation and high spreads weighing heavily on the sector, a re-opening remains some way off.
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A noxious combination of investors worried about potential fund outflows and issuers unwilling to consider senior unsecured issuance at market levels could hamper primary deal flow in September, FIG syndicate bankers warned on Thursday.
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Credit markets continued to move wider on Wednesday, despite ING’s bold reopening of the European covered bond market. The Dutch bank’s deal gave some hope to market participants amid disappointing economic data out of Germany.
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Rising spreads and borrowers unwilling to force issuance unless they absolutely have to are conspiring against the senior unsecured FIG market, bankers said on Tuesday.