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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A study from the Bank for International Settlements (BIS) has found that the premium that banks must pay to issue bail-inable debt is heavily pro-cyclical, compelling issuers to take advantage of “good times” to build up their levels of loss-absorbing capacity. -
Spreads in the financial institutions bond market have tightened as investors pack their bags for the Christmas holiday period, but bankers warn that this does not necessarily reflect how conditions will look in the new year.
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Reflecting on 2019, market participants may be surprised to see how things panned out. They went into the year expecting to ride out the end of QE and instead got a new purchase programme, funding scheme and rate cuts from the European Central Bank. This backdrop has given banks and insurers another good opportunity to move towards meeting their regulatory debt requirements, while testing new lows for their costs of funding and capital. GlobalCapital wanted to reward the deals that achieved stand-out results for issuers, in terms of pricing, execution and timing. The winners are presented here.
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European banks are about as close as they can be to having clarity on their minimum requirements for own funds and eligible liabilities (MREL). Now it’s up to them to figure out what impact the new bond standard will have on their funding plans, annual profits and business models. Tyler Davies reports
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Indian issuers thronged the offshore bond market this year, with volumes from the country easily beating 2018 numbers. But cracks in the market have started to show. While deal flow will be strong in 2020, concerns around the health of the financial sector and the changing status of state-owned enterprises are keeping investors on edge. Morgan Davis reports.
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Utmost International, the life assurance group which mandated leads to run investor meetings for a senior bond in mid-November, may have missed the issuance window this year as the primary market slows to a standstill around the UK's general election.
