Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
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
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JP Morgan injected some life into the FIG dollar bond market with a $2.5bn trade this week, after US banks and financial names delivered another moribund month of supply. -
Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.
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Hamburg Commercial Bank is set to meet with investors from May 6 to explore the possibility of selling its first ever preferred senior bond in euros. Onlooking bankers expect a positive reception for the German lender, which used to be known as HSH Nordbank.
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Royal Bank of Scotland Group was marketing a long-dated senior bond in the dollar market on Thursday, copying Barclay’s choice of currency with its first deal after results.
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Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.
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Spain’s Banco de Sabadell surpassed expectations with its first visit to the non-preferred senior asset class on Tuesday, tightening 35bp during the pricing process and taking away €1bn of new funding.
