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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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A risk-averse financial institutions market, concerned about developments in the Middle East and North Africa, made life difficult for senior unsecured issuers this week. Most chose to keep to the short end of the maturity spectrum, sticking to defensive trades where demand was assured.
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In the absence of international demand, Portuguese financial institutions are relying on domestic investors to keep them afloat in MTNs.
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Deals from Abbey National and KBC Bank were well received on Wednesday, with heavy demand prompting both to increase their issue sizes.
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BNP Paribas and Daiwa Capital Markets have started marketing a BNP Paribas Samurai deal, following the success of the JP Morgan deal last week, which demonstrated Japanese appetite for well rated international banks.
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Morgan Stanley will issue an Australian dollar denominated deal in global format on Friday, the first time a bank has used this approach since 1997.
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KBC Bank took Eu1.8bn of orders from 200 accounts for a Eu750m two year trade on Wednesday while Abbey National and Veneto Banca are also preparing euro deals at the short end. The deals follow two year trades from Raiffeisen Bank International and UBI Banca, and come as the market settles after a volatile Tuesday.