Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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BPCE was the only financial institution issuer to raise senior unsecured bonds this week, providing some precious action in an otherwise subdued FIG market in the run-up to the extended Easter holidays.
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Bankers’ predictions that there would be little foreign issuance in Canadian dollars following Lloyds’s C$500m five year Maple bond more than a week ago are proving well-founded.
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United Overseas Bank’s Sydney branch launched and priced the Singaporean lender’s inaugural Australian dollar deal on Wednesday — a A$350m three year FRN that beat market expectations. Pricing was revised downwards twice during the deal’s execution and lead managers Australia and New Zealand Banking Group, HSBC, Macquarie Bank and UOB took A$1bn worth of orders.
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BPCE is the only issuer to tap senior unsecured this week so far, providing some precious action in an otherwise subdued market in the run up to the Easter holidays.
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With Aegon’s five year fixed rate deal temporarily off the table and Sydbank’s benchmark still in the planning phase, bankers expect the senior unsecured market to be subdued for the rest of April.
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Bankers' predictions of little foreign issuance in Canadian dollars following Lloyds’s C$500m five year Maple bond more than a week ago are proving well-founded.