Most recent/Bond comments/Ad
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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Despite the limited amount of issuance to hit the market, the European senior financial market was already showing signs of weakness on Thursday as the imminent publication of a European Commission document on how to deal with future bank failures put pressure on the market.
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The European senior FIG market reopened on Wednesday, with four deals set to price this afternoon. But although market participants welcomed the supply, they said that this week’s window would be short-lived and that the mood in the market was not euphoric.
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Raiffeisen self-led a domestic two tranche issue on Tuesday, an eight year Sfr250m and a 15 year Sfr150m deal, the latter being the longest ever bond for the Swiss bank after the 13 year issue last September.
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The senior bond market has started 2011 with a whimper. No new mandates are so far on the screens in Europe. However, bankers expect the US market to be busy and for senior volumes to pick up in Europe next week.
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UBS and ZKB priced the first Swiss franc FIG deal of the year on Monday, a Sfr200m seven year for Rabobank. The deal will help Rabo meet Sfr775m of redemptions, due February 7.
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Ireland this week armed itself with the highest-powered legal weaponry yet seen in Europe’s battle with its banks. The Irish parliament approved bank restructuring legislation that gives the government sweeping powers to enforce losses on subordinated as well as senior debt holders.