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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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Raiffeisen Bank International began building a senior curve last week, but is unlikely to be a frequent issuer, the bank’s chief treasury officer told EuroWeek.
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The Swedish National Housing Finance Corporation and LeasePlan, both infrequent borrowers, took advantage of bigger names being in blackout to sell benchmark deals this week.
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The senior unsecured market in euros was busy this week, as macro-economic concerns and sovereign worries faded from investors’ minds. Despite bankers’ worries that blackout periods would quieten issuance levels, seven FIG borrowers brought euro-denominated senior deals with issuance this week topping Eu5bn. That included supply from some rarer European names which took advantage of the change in sentiment.
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Société Générale sold a £300m long seven year trade on Tuesday, a modest size compared to its blowout covered bond which drew in more than Eu3bn of orders on Wednesday.
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Financial borrowers are suffering as Swiss franc investors dump senior unsecured paper for covered bonds in the face of regulatory changes and the eurozone sovereign crisis.
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Tesco Personal Finance is to meet investors across the UK over the coming weeks with a view to issuing a bond that is tradable on the London Stock Exchange’s retail bond trading platform.