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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There was a more positive tone in the secondary FIG market on Monday than there has been recently, but syndicate bankers still disagreed over the prospects for banks in peripheral European countries accessing the capital markets after the summer holidays.
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Investors dumped banks across a host of markets this week, underscoring their extreme risk aversion and raising sharp questions over the ability of lenders with uncompleted borrowing programmes to get new issues away when — or if — the market re-opens.
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Volatility in secondary markets left the senior unsecured FIG market reeling on Thursday. With French banks in the spotlight after widespread rumours — now refuted — that the French sovereign rating was facing a downgrade, trading volumes remained thin while price volatility increased.
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CDS prices for financial institutions rallied on Wednesday morning, and as KfW launched a Eu2bn eight year bond, bankers said the mood in the market was more optimistic. But they added that cash trading volumes in senior FIG were still thin, with most investors happy to stay on the sidelines for now.
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While equities, cash spreads and CDS widened, Spanish, Italian and other peripheral government bond yields contracted on Tuesday morning after the ECB had begun its bond-buying operation.
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After an early morning rally on the back of the ECB’s decision to buy Spanish and Italian bonds, the senior unsecured market retraced its steps on Monday as spreads widened again. After opening 11.5bp tighter on Friday’s close, at 199.5bp, the iTraxx senior financials index had widened to 206.8bp by mid-morning.