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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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In what proved a busy week for ING, the Dutch bank tapped the Swiss franc market on Monday with a two tranche deal, in what was one of its last deals before heading into earnings blackout.
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ING Bank bucked the week’s trend for short tenor trades in the euro senior FIG market in order to prepare for Basel III, a senior funding official at the issuer told EuroWeek.
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Banks are sticking firmly to the short end of the euro senior FIG market, as they seek to skirt around bail-in, supply and spread worries that pick up with longer maturities.
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First Gulf Bank and Union Bank of India are in the Swiss franc market today, starting the promised 2011 rush of emerging market issuers into the market.
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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. Lead managers were Credit Suisse and UBS.
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Bank borrowers have had to take a second look at new issue premiums this week, with deals priced on Tuesday coming at the wide end of guidance — and firmly in the territory of double digits above secondary levels.