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Most recent/Bond comments/Ad
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◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
US domestic institutions take centre stage after global banks' big funding round
The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
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Industrial and Commercial Bank of China tapped the sterling market through its London branch on Wednesday to become the first Chinese bank to sell a senior benchmark bond in the currency. Demand was driven by an anchor investor, with the lead managers increasing the size of deal to satisfy as many orders as possible. -
Participants in the financial institutions bond market have questioned whether the European Central Bank could begin buying senior unsecured bonds from banks, as part of a more aggressive quantitative easing programme. But analysts have been quick to dismiss the idea as implausible.
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Agricultural Bank of China’s Hong Kong branch raised $1bn from a single tranche floating rate note on Tuesday, pricing the deal tighter than its large Chinese state-owned banking peers.
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Financial institutions have nearly already raised as much green bond funding in 2019 as they did across the whole of last year, with LBBW’s funding chief suggesting that the market is still ‘growing on both sides’ as it is seeing more investor demand and issuer interest.
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Concerns around some Indonesian and Chinese credits, including Delta Merlin Dunia Textile and China Minsheng Investment Group, have put a dent in investor sentiment in Asia with bonds underperforming in the secondary market.
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China’s JIC Leasing Co priced a tight $500m bond on the back of strong support from the lead managers, after launching the transaction on a weak day for Asian capital markets.
