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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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Moody’s downgrade of Portuguese sovereign debt on Tuesday night wiped out the burst of market optimism that had followed last week’s approval of Greece’s austerity package. In the Swiss franc market, the result was a sustained drop in mid-swap rates and absolute yields.
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Zurich Insurance issued the largest Swiss franc deal of the week — a blowout Sfr700m two tranche senior unsecured note — standing head and shoulders above the next largest issue of just Sfr150m.
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Germany’s Aareal Bank has joined the ranks of institutions buying back state guaranteed debt, with an offer to purchase any and all of its Eu2bn government guaranteed notes due in March next year.
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UniCredit Group found tight pricing on Wednesday when German subsidiary HypoVereinsbank printed a Eu500m trade. But bankers are pessimistic about further issuers tapping term markets in the coming weeks.
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Lloyds TSB launched its first MTN from an SEC registered shelf this week, opening up a new avenue of funding for the borrower. The bank filed a seven year callable step-up note through UBS with the SEC on Wednesday. The trade is due to close on July 22 and will be at least $5m in size.
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Bankers are worrying that European senior unsecured markets may be closing up for the summer, despite Germany’s HypoVereinsbank printing a Eu500m three year trade on Wednesday and Svenska Handelsbanken tapping dollars on Tuesday.