Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies
◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
The spread to the sovereign was well over 100bp at initial pricing
◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread
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Eurozone banks recorded their second highest take up in the latest offering of targeted longer-term refinancing operations (TLTROs) this week. The region's lenders do not appear to be in a hurry to replace ECB financing with capital market issuance. -
Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.
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BPCE and HSBC paid a small concession to access the sterling senior market this week, but both were happy to do so. The French firm targeted diversification, while HSBC went for size.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
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Vienna Insurance Group was unable to build momentum in its 15 year bond syndication on Thursday as long dated US treasury yields climbed higher. The insurer was joined in the primary market by Santander, which paid a premium to launch its first callable non-preferred issue.
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HSBC sold one of the biggest sterling deals of the year on Wednesday, as it paid up slightly to achieve such a large size.
