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Most recent/Bond comments/Ad
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◆ 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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Tesco Personal Finance is taking orders for its first senior unsecured deal — a long seven year bond marketed to retail investors and tradable on the London Stock Exchange’s retail bond platform.
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Rabobank’s tap of a 2025 bond on Monday responded to investor demand at the long end, as well as offering competitive pricing for the borrower, a funding official told EuroWeek. But the off the run maturity, combined with some lines issues from accounts, meant the reopening stayed at a conservative Eu500m.
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Russia’s VTB Bank took advantage of a quiet market to print a seven year senior unsecured benchmark in dollars late on Thursday, the first deal from the borrower this year. The deal followed a five year trade from Brazil’s Banco Votorantim on Monday.
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Busan Bank, a South Korean lender, raised ¥20bn ($241.9m) from its debut Samurai bond issue this week, hitting its target after offering investors their second chance in a month to buy Korean bank credit.
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JP Morgan’s self-led five year Samurai deal has tighter guidance on Thursday, at 25bp-27bp over offer side yen swaps. Market reports suggest the issue will be at least ¥50bn in size, as the bank takes advantage of a long absence from the market and a lack of US supply.
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SEB and UniCredit are braving difficult market conditions on Thursday to bring new senior deals to the market. The two issuers hope to raise benchmark size issues and although expectations are that they will get the transactions done, FIG syndicate bankers are still concerned about the general conditions in the senior FIG market.