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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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Investors snapped up HSBC’s first Australian dollar deal of the year, placing more than A$1bn worth of orders in the space of two and a half hours for a capped A$500m three year FRN self-led by the bank on Monday. HSBC has strong name recognition in the market and enjoys rarity value as an infrequent issuer with small funding requirements.
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ING Bank is the sole issuer to have ventured out in the senior market so far this week, with a new 10 year deal in sterling. But the quiet tone is not expected to remain that way and primary volumes are expected to pick up on Tuesday.
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Russia's Locko Finance has mandated BCP Securities to arrange a $50m bond.
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Nykredit Bank managed to issue a Sfr75m FRN tap of its 2012 line on Monday despite the Sechseläuten national holiday in Zurich.
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Bankers welcomed this week’s C$500m ($521m) deal from Lloyds as a positive signal for the market, but said that they did not expect it to herald a rush of other deals from foreign issuers. After suffering severe blows during the financial crisis, Canadian investors are still wary of non-domestic borrowers, and the sector has been quiet for the first three months of the year.
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The Swedish National Housing Finance Corp, SBAB, debuted in the fixed rate euro senior market this week, with a Eu750m 3-1/2 year bond.