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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Lloyds TSB took advantage of a quiet and stable Australian dollar market this week to issue a 3-1/2 year dual tranche deal on Thursday totalling A$1.85bn.
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Banks issuing in senior unsecured markets found a markedly better tone this week compared to the previous one, yet still deals were largely defensively structured.
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US financial institutions returned to prominence this week as some domestic banks repaid government bail-out funds while others took opportunities presented by positive markets.
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Crédit Agricole joined Lloyds in yet another week where senior unsecured issuance dominated the Swiss franc sector. This type of paper — totalling Sfr2.075bn — has taken the market by storm over the past three weeks.
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National champions from peripheral Europe BBVA, Intesa Sanpaolo and Santander took advantage of a strong market on Wednesday to print transactions. The trades were fortunately timed, given the slump in conditions on Thursday, when no new deals came in primary.
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Moody’s axe is hovering above Europe’s smaller banks, with the agency radically overhauling its state support assumptions in a change of tack that could see dozens of financial institutions downgraded. Some 30 Spanish banks were the first to be hit by the new methodology on Thursday, but many others are likely to follow as the ratings agency reviews each jurisdiction in turn.