Most recent/Bond comments/Ad
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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After the success of ING and Jyske Bank’s deals on Tuesday, issuers took the brakes off in senior unsecured on Wednesday morning. BPCE went out with a two year FRN, Intesa Sanpaolo launched a 2.5 year fixed rate three pillar transaction and KBC Ifima is selling a 4.5 year note.
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A Portuguese bank has requested permission to sell a Eu1.25bn government guaranteed bond — but market participants say they are sceptical of the demand such issues would receive.
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After a subdued Monday that saw only a small sterling floater from Rabobank, the senior market was opened on Tuesday by ING and Denmark’s Jyske Bank, bringing a five year fixed and a 2.5 year floater, respectively.
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Sterling was the only area of activity in European senior unsecured FIG markets on Monday, after weekend newsflow relating to Dominique Strauss-Kahn, the head of the IMF, that one banker called “unsettling”.
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Rabobank and the Swedish National Housing Finance Corporation have begun marketing yen denominated transactions, taking advantage of the strong demand among Japanese investors that HSBC tapped on Friday.
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Financial issuers from outside the eurozone turned out en masse in Swiss francs this week despite volatility from the recent 30bp drop in swap rates. Now that their reporting season is over financial institutions’ yield lured investors in a falling rates environment. Abbey, DnB NOR Bank, Swedbank and Danske Bank all issued during the week.