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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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Negative sentiment and the advent of the earnings season failed to hold back Walmart and Société Générale from providing more than half of the $14bn of supply in the US investment grade bond market this week. But the US retailer had to pay up to do so. With more supply from banks expected, investors are being selective in volatile market.
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Sydbank mandated BNP Paribas, Commerzbank and Danske Bank this week for what could be the first senior unsecured deal for a Danish non-national champion since the failure of Amagerbanken in February this year.
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ING Bank priced its first sterling trade since 2008 this week, a £500m 10 year that had an order book of £650m. HSBC, ING and Lloyds led the trade, which is part of the issuer’s efforts in lengthening its maturity profile ahead of the implementation of Basel III.
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Investors snapped up HSBC’s first Australian dollar deal of the year, placing more than A$1bn worth of orders in the space of 2-1/2 hours for a capped A$500m three year FRN self-led by the bank on Monday.
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Nykredit and Australia & New Zealand Banking Group kept up the flow of foreign financials’ issuance in Swiss francs this week. Nykredit made a Sfr75m 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 priced the largest senior unsecured trade of 2011 on Wednesday, a Eu3.5bn five year via Credit Suisse, HSBC, JP Morgan and Rabobank. The deal attracted more than Eu4.25bn of orders from over 270 accounts.