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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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A glut of supply from issuers both large and small led to a week of mixed fortunes in the senior unsecured market. Among the successes were BPCE, ING, Westpac and lesser-known Danish institution Jyske Bank — but some bankers claimed deals from KBC Ifima and Intesa Sanpaolo struggled.
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Two Portuguese banks have requested government guarantees for bond issues — but market participants said they are sceptical of the demand such deals would receive.
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Rabobank printed a £400m 30 year issue this week to satisfy investor demand and take advantage of attractive funding rates. Barclays Capital and RBC Capital Markets led the trade for the triple-A rated Dutch bank, which was the first senior deal in Europe out of the blocks on Monday morning.
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The Swedish National Housing Financing Corp re-established itself in the Samurai market this week, printing a triple-tranche trade that it hopes will allow it to build out a curve and diversify products in the country, treasurer Per Tunestam told EuroWeek.
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After a busy Wednesday, two banks tapped the senior unsecured market on Thursday. Westpac closed a Eu1bn seven year bond and Italy’s Credito Valtellinese sold a 2.5 year deal.
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The Swedish National Housing Financing Corporation reestablished itself in the yen market this week, printing a triple tranche trade that it hopes will allow it to build out a curve and diversify products in the country, treasurer Per Tunestam told EuroWeek.