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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Senior unsecured was silent on Monday morning, as the market digested further political developments in peripheral Europe as well as Friday’s disappointing US data.
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Michael Noonan, the Irish finance minister, this week welcomed the European Commission’s decision to approve an extension of the government guarantee scheme for debt issued by Irish banks. He said the guarantee extension was necessary to facilitate the country’s bank restructuring programme.
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Despite deep haircuts imposed on the Irish banks’ subordinated bondholders (see main story on these pages), market participants said this week that senior unsecured creditors were safe from burden sharing measures, because of political opposition at the European level.
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National Australia Bank and BNP Paribas defied a gloomy tone in the financial institutions senior debt market this week that had to contend with downbeat global economic data releases and eurozone newsflow as well as the familiar early June European public holidays.
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The European Commission has approved an extension of government guarantee schemes for debt issued by Spanish and Irish banks to the end of the year.
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National Australia Bank’s long five year euro deal met a cool reception from market participants on Wednesday afternoon, after closing at a final size of Eu750m, with the spread set at 95bp over mid-swaps. The trade did little to open the market — senior FIG was dormant again on Thursday, with much of Europe having finished the week early because of the Ascension Day holiday.