Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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La Banque Postale saved around 2bp on pricing by going green on its latest inaugural 10 year senior non-preferred paper, reaffirming the discrepancy between supply and demand in the euro green bond market. -
New York Life has returned to the sterling market for a third time as it looks to build out a maturity curve in the currency. Its latest offering proved to be its most popular sterling bond to date.
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The financial institutions bond market was confined to a handful of small trades this week, as Wall Street self-funders prepared to pull the trigger on multi-billion trades after reporting season.
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The week started on a green note with ABN Amro issuing its fourth green bond on Monday. It was more than three times subscribed. On Tuesday, Erste Group also enjoyed favourable market conditions with demand at nearly 10 times its final books.
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Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.
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Yorkshire Building Society on Wednesday went to market with an inaugural sterling six year non-call five non-preferred deal after it said it would tender for its 2024 non-call 2019 tier two notes, opening a case for smaller institutions to decrease capital costs by replacing tier twos with senior non-preferred notes.
