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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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Rabobank is taking center stage in the senior market on Wednesday and is set to price a new five year via Credit Suisse, HSBC, JPMorgan and Rabobank. The pricing level on the issue has been set at 75bp over mid-swaps. A banker away from the deal said the issue had attracted over Eu4bn of orders.
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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 markets by issuing A$600m and NZ$250m seven year trades on Wednesday.
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Nykredit Bank managed to issue a Sfr75m ($82.5m) FRN tap of its 2012 line on Monday, despite the Sechseläuten public holiday in Zurich.
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Volumes in the senior primary market have picked up on Tuesday despite the slightly weaker market backdrop, with indices widening by up to 10bp.
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Sydbank mandated BNP Paribas, Commerzbank and Danske Bank on Tuesday 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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Turkish Finansbank has informally mandated banks for a debut $750m five to seven year Eurobond, and is planning to place the note by the end of this month, according to an investor relations official at the bank.