Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
◆ 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
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Mitsubishi UFJ Financial Group (MUFG) sold new five and 10 year senior bonds in euros this week, with only 9bp of difference between the final pricing on the two tranches. -
The financial institutions bond market is showing no signs of fatigue in Europe, with US financial services company Jefferies Group preferring euros over dollars for the first time since 2014 on Friday. There was some debate about fair value for its €500m deal, given the lack of outstanding comparables.
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Nationwide Building Society and Mitsubishi UFJ Financial Group joined in a Yankee stampede to the dollar market on Thursday, as issuers exploited red-hot funding conditions while markets rallied on a dovish message from US Federal Reserve chairman Jerome Powell.
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Confirmation that the European Central Bank was considering reviving its quantitative easing programme helped give the financial institutions bond market a small boost on Thursday, just as it was starting to show signs of flagging.
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Vietnam Prosperity Joint Stock Commercial Bank (VPBank), a private sector lender, raised $300m from its international bond debut this week. The deal was helped by the scarcity of supply from Vietnam, but finding the right price proved a challenge for those on and off the deal.
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BNP Paribas launched a non-preferred senior bond in euros on Wednesday, tightening the pricing 20bp from price thoughts despite a 'softer' backdrop in financial markets.
