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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Intesa Sanpaolo saved a couple of basis points with the sale of a new senior bond from its green issuance framework on Tuesday, compared to fair value on a conventional deal. The new issue came as markets remained on edge ahead of the European Central Bank’s next meeting. -
The transition of Asia’s capital markets away from Libor got a small boost recently when Korea Development Bank sold the region’s second public dollar bond linked to the new benchmark lending rate, Sofr. But the pace of change is not fast enough.
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Leeds Building Society is preparing to return to the sterling market this week for its first ever sale of non-preferred senior debt. The new bond will help the issuer refinance a euro deal maturing later this year, while reshaping its balance sheet for the minimum requirements for own funds and eligible liabilities (MREL).
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FIG issuers are taking care to announce deals before opening order books this week, as they try and book their places in the market ahead of a tricky meeting for the European Central Bank on Thursday.
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Goldman Sachs led a bumper week of dollar bond supply this week, as the high-grade market showed its resilience and investors lapped up issuance from a broad array of bank and finance names.
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Intesa Sanpaolo ventured outside of its home market in search of senior paper this week, placing its first sterling deal in almost nine months and its first yen trade since early 2019.
