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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NIBC Bank agreed on February 28 to buy back Eu491m of government guaranteed debt after investors tendered nearly Eu700m for repurchase. The deal makes NIBC the first Dutch bank to buy back government guaranteed debt since the government began allowing such deals on January 1.
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Nordea Bank on Tuesday added £200m to its £500m 3.875% December 2015 issue.
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The UK’s Provident Financial is targeting retail investors for a sterling denominated bond issue, becoming the latest FIG borrower to consider issuing a trade designed for the London Stock Exchange’s Orderbook for Retail Bonds (Orb) platform.
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Market conditions in the senior FIG market look fine, but with a European Central Bank rate decision on Thursday and non-farm payrolls on Friday, borrowers are likely to stay away for the rest of the week.
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A triumphant SSA performance so far this year has been shaken by Monday’s announcement from Australian regulator Apra — which said that the only SSA issuance that would be acceptable within Liquidity Coverage Ratio assets would be paper from the Australian government or Australian states. But the result has been a boost for financials, which now benefit from being considered in some quarters to be as good as SSA paper. Against that backdrop, Royal Bank of Scotland launched its first Australian dollar deal of the year on Wednesday. The trade is a three year dual tranche, fixed and floating, lead managed by National Australia Bank, Australia & New Zealand Banking Group, Westpac, Commonwealth Bank of Australia and RBS.
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Diving equities markets pushed away fresh senior unsecured supply on Wednesday, but bankers said issuers were waiting to bring deals as soon as conditions allowed. Crédit Agricole and Caisse Centrale du Crédit Immobilier de France sold euro benchmarks and Nordea Bank tapped a sterling transaction on Tuesday amid tightening markets.