Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
Bank completes more than half its annual funding before first quarter blackout
The bank is offering over 100bp of premium to the Kazakh sovereign
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Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors. -
Intesa Sanpaolo became the first Italian bank to raise funding during the coronavirus pandemic this week. It offered a healthy premium for its five year senior deal, but the bonds have performed very well in the secondary market.
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Bank of America became the first global commercial bank to print a Covid-19 response bond this week.
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European banks are set to follow sovereign and supranational institutions and begin issuing senior bonds dedicated to fighting Covid-19 under existing ESG frameworks.
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Fitch cut the ratings of four Italian banks this week, triggering underperformance in the market and pushing some non-preferred senior bonds into speculative grade territory.
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Banks are spying new opportunities with green and social bond funding, with the asset classes having outperformed in the credit markets during the coronavirus crisis.
