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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After conducting a non-deal roadshow earlier this month, Tesco Bank has decided to hold off launching a retail bond until the market becomes more stable.
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No bank was brave enough to venture into senior unsecured on Tuesday morning, as market participants watch and wait ahead of Wednesday’s crucial austerity vote in Greece, the outcome of which will determine whether or not the debt-stricken country receives a second bailout. But with secondary flows down, cash-rich senior unsecured investors are hungry for primary market action, said bankers.
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Even as spreads soar higher in senior unsecured, two top Dutch banks are considering issuing and could re-open the market before the summer break, bankers said on Monday morning. But there were no live transactions in the market and bankers remain concerned that the drought could persist into the summer break.
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Two FIG Samurai transactions have been pulled in the space of a week suggesting the market is beginning to flag for FIG borrowers.
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In the second week in a row without any primary supply in senior unsecured, bankers on Thursday debated whether the market would re-open at all before the summer holiday shut-down.
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Fitch ratings has flipped assumptions on how insurers will value senior unsecured and covered bond debt under Solvency II, saying senior funding could fit the bill, while covered may work out expensive.