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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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An increasingly adventurous Australian dollar investor base that is seeking new names to revamp its generally conservative debt exposure snapped up this week's inaugural Australian dollar deal from Industrial and Commercial Bank of China — a A$400m three year FRN that was increased from a launch size of A$200m. The deal was led by ANZ and HSBC.
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Banks need to pay “sensible” new issue premiums to tap senior unsecured, a FIG syndicator said on Tuesday as bankers waited in hope for more deals following Crédit Mutuel Arkéa’s 18 month floater.
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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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With Crédit Mutuel Arkéa printing an Eu800m 18 month floater at 75bp over Euribor, FIG syndicators are hoping that a stronger market tone later in the week will open the way to more senior unsecured transactions.
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After a three week hiatus, the senior unsecured market re-opened on Thursday with a Eu1.5bn 18 month FRN from ING. With investors cash-rich following a deal-free June, bankers were looking forward to more primary issuance next week.
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French banks’ proposed solution to Greece’s sovereign debt crisis has done little to change market opinion on the credits, investors told EuroWeek, despite CDS tightening on what they described as a "pragmatic plan".