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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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Equity market volatility, eurozone instability and widening credit indices failed to throw off the senior unsecured market where several successful transactions were launched this week. Rabobank, Royal Bank of Scotland (see separate story) and Iccrea Banca sold floating rate notes and Scandinavia’s Danske Bank and SEB sold five year fixed rate bonds.
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After a quiet fortnight in the Australian dollar market due to public holidays in Europe and Asia, Goldman Sachs re-opened the Kangaroo sector with an oversubscribed A$1.25bn 5-1/2 year dual tranche deal that was priced on Monday.
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Royal Bank of Scotland took advantage of a strong performance in its euro curve to issue a dual tranche trade this week, the bank’s term funding and capital raising manager, Monika Tarr, told EuroWeek.
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A much anticipated resurgence in European financial institutions tapping the Yankee market arrived this week with BBVA, Nordea and Standard Chartered all issuing in the US market to diversify their funding and take advantage of favourable pricing.
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HSBC’s five year Samurai deal looks set to reach over ¥100bn ($1.2bn) at the tightest ever spread for the bank, on the back of thin supply in the market and a building cash pile. At the time of writing, the deal was set to close in Japanese trading hours on Friday. SBAB has also filed documentation for a five year Samurai.
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With the market slightly weaker than on Wednesday, there was only one live senior unsecured FIG trade on Thursday, with SEB closing books on a five year euro benchmark just before lunchtime.