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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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Dutch borrower ING Bank printed a Eu1.5bn floating rate on March 21, bringing it close to its funding target for the year, the bank’s head of long term funding told EuroWeek.
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Banco Santander took advantage of a strong backdrop to sell a Eu1bn three year fixed rate trade through a new twist on the three pillar format on Wednesday.
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The decoupling of Spain from its troubled neighbour Portugal appeared even starker this week as Spanish banks happily tapped funding while Portugal’s budget showdown still loomed.
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Lloyds TSB Bank followed HSBC and Barclays into the Swiss franc market this week with two deals totalling Sfr675m ($744m) pitched at what bankers described as investors’ bullish stance on UK credits. After issuing a Sfr425m three year fixed rate bond on Monday, Lloyds brought a Sfr250m 1.5 year FRN on Thursday as well.
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The UK retail bond market took another step forward this week as Lloyds TSB and Provident Financial sold transactions designed specifically for non-institutional buyers.
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Reverse enquiry drove a Eu500m reopening of BBVA’s January 2013 bond on Wednesday.