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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Haitong International Securities Group sold $700m of seven year notes on Tuesday, tightening pricing by 30bp during bookbuild. -
Italian banks have been in the spotlight recently and Mediobanca on Tuesday was the fifth bank to tap the euro market in the past two weeks, after UniCredit, Intesa Sanpaolo, Banca Monte dei Paschi di Siena and UBI Banca. It attracted demand of more than three times the deal’s size of €500m.
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CNP Assurances has decided to postpone its sale of a green tier two capital bond until later this year. The French insurance company, which is restructuring, had intended to sell a security with a rare format in the bond market.
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Italian banks rushed to make use of favourable market conditions this week, with Banca Monte dei Paschi di Siena and UBI Banca bringing new deals and Fineco Bank lining up an additional tier one (AT1). The window opened after the EU and the Italian government settled their scrap over the latter's budget targets, but market participants fear it won't stay open for long. Daivd Freitas reports.
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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.
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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.
