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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Akbank has said its new bond will be a dollar seven year senior issue. The note will be priced this week via lead managers Citi, Credit Agricole CIB, HSBC and Standard Chartered Bank.
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NIBC Bank agreed to buy back Eu491m of government guaranteed debt on Monday, 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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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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The senior unsecured FIG market is flowering, with deals from a range of borrowers coming in both euros and sterling. Double A issuers BNP Paribas, Credit Agricole and Nordea are taking advantage of an improved market to raise five year funding. Smaller borrower 3CIF is set to print a three year trade and Provident Financial is looking at the sterling retail market.
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BNP Paribas and 3CIF announced senior unsecured mandates on Monday morning, as bankers prepared for a potentially busy week amid strong markets and the end of the results season.
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Bookrunners on an Australian dollar global issue from Morgan Stanley, the first bank debt in this format since 1997, found A$850m of demand and priced in line with guidance. ANZ and Morgan Stanley opened books on the five year fixed rate deal for a minimum size of A$300m, so the A$850m result shows the issuance strategy has potential.