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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The senior unsecured FIG market’s mood improved slightly on Monday, said bankers, after equity sell-offs last Thursday and Friday damaged the beginnings of a recovery in secondary cash trading.
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Sustained buying — although in small volumes — from real money accounts of senior unsecured bonds this week helped bring banks’ secondary cash spreads back from last week’s wides.
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The idea of a supranational guarantee scheme to help peripheral banks fund themselves and to stave off a credit crunch in southern Europe was this week labelled unnecessary and unworkable by two FIG DCM heads in London.
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Sustained buying — although in small volumes — from real money accounts in the secondary market is helping to bring banks’ cash spreads back from last week’s wides, said syndicate bankers on Thursday morning.
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There is continued demand for senior FIG paper, secondary traders reported on Wednesday morning, with real money accounts joining the street in picking up bank debt. Bankers said cash spreads were outperforming CDS, although volumes were still low.
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Despite weak economic data out of Germany and the UK on Tuesday, bankers said real money accounts were making tentative steps back into the secondary FIG market. But syndicate bankers are still concerned about what the market will look like in September when most participants return from holiday.