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Most recent/Bond comments/Ad
Most recent
◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN -
Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative
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Concentrated pre-Fed funding drives July FIG issuance in the US to over $50bn
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
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Strong corporate demand bodes well for the rest of the credit market
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American Express led another busy week for FIG supply as bank borrowers took advantage of investors looking for extra yield by topping up with additional tier one capital.
