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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Despite three banks tapping the euro market for senior unsecured funds on Monday morning, the state of the market left syndicate bankers in London unimpressed.
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Rabobank Nederland last Friday came to the Swiss market for the second time this year, with a Sfr400m two year bullet.
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Union Bank of India tapped the Swiss franc market for the first time last Friday, with a Sfr160m 4.5 year deal. Barclays led the transaction, which was increased after what the bookrunner said was strong demand.
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Patchy investor demand for senior unsecured paper and difficult Swiss franc market conditions limited Tuesday’s five year deal from ABN Amro to the initial launch size of Sfr150m, some way off a benchmark size of Sfr250m. The lead managers were Credit Suisse and UBS.
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Shockwaves from the European Commission’s proposal that bank bail-ins should include senior debt intensified this week as the Association of British Insurers (ABI) warned of severe consequences for banks’ secondary bonds and access to finance while rating agencies prepared for swingeing downgrades.
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First Gulf Bank, Corporación Andina di Fomento and Union Bank of India were in the Swiss franc market on Thursday, starting the promised 2011 rush of emerging market issuers into the market.