Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Late Labor Day this year and mid-September FOMC will constrain September issuance window
◆ Greek bank's first issuance of the year ◆ Tenor and IPTs attracted domestic and international demand ◆ Deal praised for its strong execution
◆ Euro deal comes swiftly after sterling appearance ◆ Issuer rarity aids both deals' success ◆ Euro leg losses chunk of orders but ends with similar book to earlier European bank deals
◆ Deal printed one day after strong third quarter results ◆ Bond and equity investors seem to show no negative impact from North American tariff war ◆ Issuer focuses on cheaper shorter tranche
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Banca Monte dei Paschi di Siena wrapped up its second deal of the month on Tuesday, capping off a busy period for Italian deal flow in advance of important regional elections. -
Banque Fédérative du Crédit Mutuel (BFCM) added to the sterling market's fast start to the year on Thursday, launching a new preferred senior bond in the currency and awarding investors with a small new issue premium.
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Macquarie Group was well-supported on its return to the euro market on Thursday, as it launched its first senior offering in the currency since February 2018.
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Argenta Spaarbank returned to the euro market on Wednesday to seal a deal that it had pulled in last October. This time around the issuer was able to bring in the funding it wanted, even though the final spread only moved 5bp from initial price thoughts.
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Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.
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Investors have been showing a clear preference for subordinated bank bonds in the primary market, with the valuations for more senior asset classes having been squeezed into extraordinarily tight levels in 2020.
