Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
High market and geopolitical volatility prompt issuers to slow primary issuance plans
A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025
Come May, current dollar market's gain may turn into euro pipeline's pain
◆ Issuer outmaneuvers worsening market to meet funding targets ◆ Trade leaves premium to compensate for heightened volatility ◆ Spread is BoI's tightest senior funding since 2021
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◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility -
Issuing in euros gives favourable pick-up against dollar funding
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Hedge funds are more cautious and are 'thinking twice' before buying
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Sterling issuance has all but evaporated in recent weeks despite evidence of structural demand from UK investors. Even domestic issuers have snubbed the currency but suggest that some euro funders could be lured back
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Why lock in a high spread just because primary conditions are stellar?
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◆ Eight foreign banks raise more than $18bn in three days as BMO adds another $1bn to multiple perps ◆ M&A funding also boosts February FIG volume to over $50bn ◆ Slow down felt by Thursday as spreads widen
