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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Barclays Bank and HSBC provided rarity value for investors in the Swiss franc market this week with trades totalling Sfr1.075bn. Barclays on Wednesday issued a Sfr525m five year self-led bond — it established a Swiss syndicate team last July — while HSBC grabbed all it could get with three different transactions.
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The incoming Irish government raised the prospect of imposing haircuts on senior creditors after it laid out its plan for the country’s banks last weekend.
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Financial institution borrowers found opportunities to tap senior unsecured funding this week even in tough secondary markets hit by macroeconomic concerns. Three UK banks — Barclays, HSBC Holdings and Lloyds TSB — tapped euros, as did Spain’s BBVA and Belgium’s KBC.
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Canara Bank’s $350m issue, the third big dollar bond from an Indian bank this year, has left debt bankers wondering how many more deals the market can absorb. The September 2016 bond, Canara’s first senior unsecured bond in the international market, follows deals from Bank of India and Bank of Baroda and bankers expect plenty more from India’s banking sector.
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Lloyds Bank made its debut in the Singapore dollar market this week, tapping local investors only two weeks after its parent company announced it had returned to a headline profit.
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HSBC, KBC and Lloyds printed a combined Eu2bn of senior unsecured bonds on Wednesday, but new unsecured deals for FIG borrowers took a break on Thursday as the market digested Moody’s downgrade of Spain.