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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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ABN Amro is to buy back up to Eu3bn of its Eu5bn 3% April 2012 government guaranteed notes in a bid to smooth out its redemption profile.
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Senior FIG opened weakly on Monday, as worries over the potential restructuring of Greek sovereign debt and its effect on other European states hit the market. While trades from Sydbank and Aegon could liven up primary later this week, bankers generally expect the coming days to be quiet.
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Nykredit Bank and Australia & New Zealand Banking Group kept up the flow of foreign financials’ issuance in Swiss francs this week. Nykredit made a Sfr75m ($84m) FRN tap of its 2012s on Monday and ANZ issued a new Sfr150m May 2016 line on Wednesday via Credit Suisse and UBS.
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Rabobank, a regular borrower in both the Australian and New Zealand dollar markets, looked to build its maturity curves and maintain its status in both currencies by issuing A$600m and NZ$250m seven year trades on Wednesday.
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Rabobank priced the largest senior unsecured financial institution trade of 2011 on Wednesday, a Eu3.5bn five year deal via Credit Suisse, HSBC, JP Morgan and Rabobank.
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The senior FIG market enjoyed another strong week of issuance as investors continued to warm to smaller single-A European names. Market participants warned that this might not last, however, as indices widened and worries about the eurozone peripheral crisis re-emerged.