Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ 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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Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports. -
The cost of funding in euros or sterling has swung back into favour for dollar-focused financial institutions in recent months, heralding the return of several North American banks to the market, including Morgan Stanley and Wells Fargo.
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Svenska Handelsbanken was well received for a new senior unsecured transaction in the sterling market on Thursday, despite having pushed the spread towards a level that some investors might be able to pick up from a covered bond.
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Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
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The Asian debt markets have been hit with a number of defaults from Chinese borrowers. China Minsheng Investment Corp (CMIG) has missed bond payments, as has Kangde Xin Composite Material Group.
