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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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While the euro market stayed dormant on Thursday, Westpac provided some action in sterling, launching a rare three year floating rate benchmark that was driven by several large lead orders.
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Despite a weaker market that saw the iTraxx senior index open on Wednesday at 158bp before tightening to 156bp, there was a more positive tone in senior unsecured. Bankers said a deal would be possible today but that no issuer seemed willing to lead the charge.
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With Italy and Spain being sucked back into the debate over peripheral Europe’s debt levels and bank spreads widening following the start of Moody’s UK bank review (see separate story), the senior unsecured market was on Tuesday contemplating a difficult week. There were no deals to be seen and bankers were pessimistic about potential issuance windows.
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Hopes of a strong week in the senior market were dashed on Monday morning, as European sovereign instability and Standard & Poor’s downgrade of Crédit Agricole led to the third weak start in a row.
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Rabobank Nederland may sell as many as five tranches in its Samurai issue this week. The triple-A rated bank is marketing fixed and floating rate tranches with a five year maturity as the core of the transaction.
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Having recently tapped both the two and five year fixed rate curves, KBC Ifima printed a Eu500m 4-1/2 year fixed rate note on Wednesday. While the deal was oversubscribed, with a final book of close to Eu700m, some bankers said it seemed to have struggled.