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 release last Friday of an unprecedented level of balance sheet data, including details of sovereign holdings, by European banks as part of the European Banking Authority’s stress tests has had little effect on sentiment in the senior unsecured FIG market, said bankers on Monday morning.
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As Europe’s sovereign crisis worsened this week, the senior unsecured FIG market ground to a complete halt, with issuers and investors sidelined and syndicate bankers increasingly concerned that even September, traditionally one of the sector’s busiest months, will be a washout.
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Despite improved sentiment in the senior unsecured market, bankers on Wednesday concluded that the market was shut for the summer — and that September could be disappointing even though investors and issuers will have returned from holidays.
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With current market conditions blocking primary issuance, secondary market activity is freezing up in senior unsecured as volatility in CDS and cash spreads makes valuation all but impossible, said bankers on Tuesday.
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With no deals on the table in senior unsecured on Monday morning, bankers voiced concern over potentially rising spreads in September. Market participants said it seemed increasingly unlikely that senior unsecured would re-open over the summer break, and that even in September, when it is hoped stability will return, investor sentiment towards the financial sector could prevent spreads from tightening.
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Despite two banks defying rough conditions in the euro senior unsecured market this week, bankers worry that the European market may be closing up for the summer already.