Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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
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Credito Valtellinese (Creval) found strong demand for a €300m preferred senior bond on Tuesday, allowing it to push the pricing through its guidance range. -
Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.
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Bank of Ireland was willing to pay a premium of more than 10bp for a new holding company level senior trade on Monday, bucking the recent trend for financial institutions to squeeze their investors on pricing.
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Caixa Geral de Depósitos was seven times subscribed for its debut non-preferred senior bond this week, when it become the first Portuguese bank to launch a deal in the format.
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.
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Goldman Sachs set the lowest coupon of 2019 on a new preferred deal in the institutional bond market this week, while BNP Paribas buried the memory of its troubled dollar trade in January with a storming come-back.
