Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread
◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price
◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
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◆ ECB repayments to influence banks’ covered and SP issuance ◆ But TLTRO repayments less important than this year ◆ Large pre-funding could mean lighter January supply -
◆ End of year slow down exacerbated by caution ahead of major central bank decisions ◆ Sentiment stays strong albeit some dents after strong US economic data forces changes in rate cut expectations ◆ European banks send RFPs for January issuance
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Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party
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Competition means uncertainty and may lead to more issuance
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Firm recently reached a legal settlement for unit-linked customers
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Subscription ratios increased and premiums declined, despite issuance volume rising
