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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Swedish Housing Finance Corp found a small window of demand for its Sfr100m two year senior unsecured floating rate note, issued on February 11.
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Worries over the implications of unrest in Egypt delayed Abu Dhabi Commercial Bank’s first Swiss franc issue of the year by 10 days, but the bank finally issued a Sfr150m 4.75 year deal on Tuesday with UBS and RBS as lead managers.
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As the threat of haircuts on Irish bank senior debt increased this week, the market got the chance to see a special resolution regime in action. Senior creditors to Denmark’s Amagerbanken learnt they are likely to lose 41% of their investments after the bank filed for bankruptcy on February 6.
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A bleaker future for the bank finance market appeared more likely this week as the prospect of haircuts for Irish bondholders increased and a Danish lender was taken into administration.
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JP Morgan’s self-led five year Samurai deal tightened guidance on Thursday, to 25bp-27bp over offer side yen swaps from initial guidance of 25bp-50bp over.
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A rainbow of senior unsecured FIG deals priced this week, with maturities ranging from short floating rate notes to a 14 year tap, meeting good subscription levels and secondary performance. But FIG syndicate bankers said they were still concerned about the general conditions in the senior FIG market.