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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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Swiss franc investors are expanding their appetites again. Having already learned to love lower rated credits, they are now embracing issuers from growth markets. This week saw deals from state-owned banks in India and Russia, a development that bankers said was evidence of just how far Swiss franc demand had moved from when it was strictly focused on top rated big name borrowers.
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ABN Amro Bank seized the opportunity to build out its curve last week opting for a three year fixed rate format to cope with a senior market that was crowded with short dated floaters.
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A high level of activity in the public bond market, combined with an abnormally wide gap between public and private pricing levels, is keeping demand for FIG MTNs lower than usual for the time of year.
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Crédit Agricole raised £250m of 10 year money on Wednesday, one of a series of deals in different markets by the French bank this year.
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FIG bankers are hoping that Raiffeisen Bank’s oversubscribed deal, which has priced at the tighter end of guidance, will inject confidence into a sulky senior unsecured market.
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Crédit Agricole is the second bank to turn to the sterling market for senior unsecured funding this week, following a £500m six year deal for JP Morgan on Tuesday. Lead managers Barclays Capital, Crédit Agricole and Nomura have released price guidance of 165bp over mid-swaps area for the French bank’s 10 year issue.