Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ 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
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With primary markets firing on all cylinders at the beginning of July, bankers working in the financial institutions bond market note that riskier deals are often easier to execute than their lower yielding counterparts. -
Lloyds made its first public sale of debt from its non-ringfenced bank on Thursday, pricing the senior bonds about 16bp tighter than similar instruments from the group’s holding company.
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Banca Monte dei Paschi di Siena was selling senior debt in euros on Thursday and UBI Banca was marketing tier two bonds, after the pair came rushing into the market to take advantage of a favourable backdrop for Italian credits.
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La Banque Postale took its first step into the preferred senior bond this market, securing €750m of tightly priced senior funding in the euro market on Thursday.
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Signs of weakness have crept into the FIG secondary market in recent days, but market participants expect that banks will carry on piling into the market ahead of blackout periods and an expected summer slowdown.
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Investors are increasingly showing "price discipline" in the primary market, according to FIG bankers, even though falling yields have severely limited their ability to quibble over returns.
