Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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Around 80 investors have placed some Eu1.4bn of orders for a five year government guaranteed deal from Caja Madrid, the second Spanish-guaranteed FIG issue this year.
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FIG borrowers descended upon the senior market en masse on Wednesday, with Commonwealth Bank of Australia, National Australia Bank, Banco Popolare and Caja Madrid all going out with euro denominated transactions.
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Société Générale launched a Sfr150m senior unsecured tap of its 2015 line on Wednesday. The original transaction was a Sfr150m bond priced at 55bp over mid-swaps. Lead manager Credit Suisse announced a pricing area of 72.5bp over mid-swaps for Wednesday’s tap.
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Finnish financial institution Aktia Bank has launched a Eu1bn EMTN programme to complement its retail deposit and covered bond funding strategy and help bring it into line with Basel III funding regulations.
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Senior unsecured may remain quiet until next week, despite Abbey National and ING Bank’s successful trades on Monday, as market participants nervously await the results of Irish bank stress tests, which are due on Thursday. Equities weakened on Tuesday morning but credit indices largely held in.
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Abbey National Treasury Services and ING Bank brought transactions on Monday, taking advantage of generally strong tone despite some background concerns.