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Most recent/Bond comments/Ad
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◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ 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
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US banks tapped the market this week on the back of a strong earnings season, exploiting favourable market conditions going into the Easter holiday weekend.
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Euro investors have been treated to their first ‘bail-inable’ senior bonds from Canadian banks, as Bank of Nova Scotia followed Toronto-Dominion into the market this week.
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Wells Fargo attracted plenty of interest in a new five year senior bond in euros on Wednesday and was able to squeeze all of the new issue premium out of the transaction, its first in euros for two years.
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Industrial and Commercial Bank of China raked in the equivalent of more than $2.2bn on Tuesday across four tranches of notes in three different currencies.
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Euro investors have been treated to their first two ‘bail-inable’ senior bonds from a Canadian bank this week, after Bank of Nova Scotia followed closely behind Toronto-Dominion Bank with a deal of its own on Wednesday.
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Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.