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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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The senior FIG market appeared to shrug off news of the Portugal bail-out this morning, with indices hardly moving, spreads on recent issues going tighter and issuers still bringing new trades to the market.
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ABN Amro priced a Sfr100m tap of its 2016 line on Tuesday afternoon, following a steady flow of financial institutions re-opening existing trades over the past two weeks, including Lloyds Banking Group, Crédit Agricole and Société Générale.
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After a quiet first three months, the Canadian dollar bond market sparked into life this week with Lloyds issuing its second Canadian dollar trade after its debut transaction last September.
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Senior financial issuance continued apace on Wednesday with three more deals live in the market. The already positive tone was further helped by this morning's announcements of capital raisings by Commerzbank and Intesa Sanpaolo.
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Financials’ strong performance in the Swiss franc market and resilient investor demand have led to a steady stream of senior unsecured taps in the last fortnight. Lloyds and ABN Amro both increased existing lines this week, following Crédit Agricole’s Sfr175m and Société Générale’s Sfr200m four year taps in March.
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Monday's strong conditions continued into Tuesday and financial institutions are duly taking advantage to bring more deals.