Most recent/Bond comments/Ad
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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Investor appetite for UK financials in the Swiss franc market persisted this week as lead managers Credit Suisse, Royal Bank of Scotland and UBS opened the market with taps of Lloyds’s Sfr675m ($730m) dual tranche deal originally issued over a week ago.
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The week has started strongly in the senior market with three new deals set to be priced later on Monday. The strong tone in the market has also meant that issuers have been able to opt for longer dated deals, all of them being five year issues.
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Caja Madrid generated strong interest from UK and French accounts to sell a Eu1.25bn five year government guaranteed bond on Wednesday. The Spanish savings bank, which is now part of an amalgamation with six others under a new brand, Bankia, sold the bond at 100bp over the Spanish sovereign curve.
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ING Bank NV tapped a 10 year deal on Monday 30bp through where it had issued the original tranche in January as a rise in long-end rates increased demand in the sector as it turns its attention towards opportunistic issuance.
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Senior unsecured activity ground to a halt on Thursday as borrowers waited for news of the Irish stress tests (see front page story for details). It was a different story earlier in the week, however, as investors bought trades from an array of borrowers all the way through the maturity curve.
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Record covered bond issuance almost reached parity with senior unsecured issuance in the first quarter of 2011, a trend that is unlikely to be reversed by demand constraints on the product, said bankers this week. But widening spreads between the products could put the brakes on.