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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A burst of activity cheered up a stalling FIG scene this week, as Banco Santander became the first Spanish bank to tap euro unsecured bonds this year, and Morgan Stanley looked set to be the first US bank to do the same.
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JP Morgan’s self-led Samurai issue, which marks the return of US bank issuers to the Japanese market, was priced at the tight end of initial guidance and reached a size of ¥111.1bn, across five year fixed and floating tranches.
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Banco Santander on Tuesday became the first Spanish borrower to issue senior unsecured in euros since October 2010, with a two year fixed rate deal. But bankers were hesitant to herald the deal as one that would throw the doors open to a wide range of other Iberian borrowers.
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WestLB is expected to announce on Tuesday that it has agreed a restructuring plan with the German government and the European Commission that will see it reorganise its businesses and reduce its balance sheet by about one third over the next five years.
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FIG issuers must take off their blinkers and adapt to the changing senior unsecured market, warned one FIG syndicate banker on Monday. The strong message came on a day with no new FIG mandates, as softening markets and investor wariness on the asset class combined to darken the mood in the FIG sector.
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Ukraine’s Orschadbank is meeting investors this week with a view to printing its debut Eurobond.