Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
European FIG issuers should consider a more disciplined approach to borrowing
◆ BNPP 'gives the market what it wants' as it raises more with longer, lower ranking tranche ◆ Market receptive to big senior deals ◆ Third French deal in three days
◆ Dutch bank pays slim premium ◆ Defensive trade ticks several boxes ◆ Three to five years 'a sweet spot' for investors and issuers
◆ French bank finds window between market reopening and potential heightened new supply next week ◆ Five and 10 year senior preferred tranches its first in euros this year ◆ Longer one outperforms in both demand and pricing
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◆ Rival bankers impressed by spread ◆ Negative premium debated ◆ Spread lands just 10bp shy of BNPP’s similar offering -
◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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◆ Whether issuer priced through euro curve debated ◆ French bank opting for sterling 'pretty smart tactically' ◆ Euro-sterling cross-currency basis lures other issuers
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◆ Rare senior non-preferred appearance helps attract demand ◆ Issuer expected to be more frequent in sterling after Virgin Money acquisition ◆ Deal lands flat to fair value
