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Most recent/Bond comments/Ad
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◆ 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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Hot on the heels of tapping its November 2013 sterling floater on Tuesday, National Australia Bank led the way in euros on Wednesday morning, pricing a long five year fixed rate deal.
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Residual demand from Westpac’s three year sterling floater last Thursday drove a similar deal for National Australia Bank on Tuesday. NAB opened books on its three year bond at 8.30am, with Nomura as joint bookrunner.
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A combination of weak indices, poor equity performance and escalating worries over peripheral Europe held back senior unsecured issuance this week. Westpac provided some relief for syndicate bankers, selling a rare sterling floater on Thursday but the euro market was barren, with no deals to be seen.
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A flurry of FIG Samurai deals is set to price within the next fortnight, as international issuers fill the gap left by inactive domestic borrowers. Rabobank’s deal will price on Friday, Commonwealth Bank of Australia’s at the start of June, and Lloyds will price an issue on June 10.
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India’s ICICI Bank returned to the dollar bond market last week, attempting its first benchmark issue this year, despite shaky secondary markets — and getting enough demand to raise $250m more than it had intended.
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A flurry of FIG samurai deals are set to price within the next fortnight, as international issuers fill the gap left by inactive domestic borrowers. Rabobank’s deal will price on Friday, CBA will tap the market as early as next Friday and Lloyds will wrap up on June 10.