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Most recent/Bond comments/Ad
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The new issue premium was slim, thought observers
◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid
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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play -
Foreign bank issuers secure tight pricings
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◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally
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Demand allowed the bank to cut the yield by 35bp
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◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe
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◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium
