Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
Foreign banks keep Swiss market busy as issuance slows
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
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Metro Bank came back to the sterling market on Wednesday to make a second effort at selling non-preferred senior debt, raising the pricing on its offer by 200bp to 9.5%. Market participants suggested the transaction was already a ‘done deal’, but warned that the interest costs would weigh very heavily on the bank’s profit and loss statement. -
Fitch Ratings has downgraded Metro Bank a month after giving the UK lender its first rating. It expressed concern about Metro’s recent failure to raise debt for looming regulatory requirements, but the bank is insisting that it still has plenty of options on the table — including looking at solutions in the private market.
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Lloyds Bank Corporate Markets was marketing its first senior unsecured bond in euros on Friday, taking advantage of a quiet primary market. The issue gave investors a ‘healthy’ new issue premium, according to a FIG banker.
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.
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Crédit Agricole, Banque Fédérative du Cedit Mutuel and Société Générale all took advantage this week of cheap funding offered by the sterling market when compared with the euro.
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The failure by Metro Bank, the UK challenger bank, to issue a £250m senior non-preferred bond this week throws the spotlight on the Bank of England, which could soon have to decide how to deal with Metro if it fails to meet a year-end deadline for raising bail-inable debt. Tyler Davies reports.
