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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The Single Resolution Board will take what it describes as a "forward looking" approach with banks that might struggle to meet their minimum requirements for own funds and eligible liabilities (MREL), though it will also be sticking to its original deadlines for these targets. -
South Korea's Shinhan Bank raised $500m from a Formosa bond on Wednesday, taking advantage of the strong interest from Taiwanese investors for its transaction. The borrower paid just 20bp in new issue premium.
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Yankee bank and insurance names took centre stage in the dollar market as US banks prepared to give their first insight into the impact of the coronavirus with the arrival of bank earnings season.
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Svenska Handelsbanken was the only financial institution to issue senior debt in euros this week. The issuance came at a time Swedish banks have been granted an extension of two years to comply with regulatory targets for MREL debt, which might make a short-term dent in issuance.
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Market participants are expecting a gigantic take-up in the next round of the European Central Bank's Targeted Longer-Term Refinancing Operations (TLTRO III), after the central bank said that it would accept a much broader range of assets as collateral in the scheme. Smaller banks are likely to be among the biggest winners, with the new criteria helping them to look after their liquidity coverage ratios.
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Financial institutions bond bankers are struggling to build a new pipeline of issuance, despite a significant improvement in market conditions this week. Not only are banks entering blackout periods ahead of first quarter results, many of them are also happy to wait before seeking to raise new funding.
