Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
◆ Sentiment improves after ceasefire extended ◆ Handelsbanken nears record tights ◆ Jyske Bank attracts €3.3bn of orders
◆ 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
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US issuers are tapping into favourable conditions the euro bond market after reporting their latest results. Goldman Sachs and New York Life Insurance were quick to launch senior bonds on Thursday, boosting supply volumes just as European lenders start preparing for their own reporting season.
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Mediobanca was greeted with €4bn of demand for its debut offering of non-preferred senior notes on Thursday, extending a run of Italian bond deals in the euro market this week.
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China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.
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Demand for senior trades from Commerzbank and Raiffeisen Bank International this week reflected a softness in secondary performance, as well as a slowdown in the primary market as European banks enter blackout season.
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Commerzbank was able to attract "very high quality books" for its issue of non-preferred senior euro and sterling bonds on Wednesday.
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The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.