Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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Canadian Imperial Bank of Commerce paid up to tap a euro-denominated senior bond on Wednesday, getting ahead of regulations next month that will make all senior debt subject to bail in. Bank of Nova Scotia also took out over $1bn equivalent of funding in Australian dollars this week.
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More borrowers could look to the Euroyen format as a new funding tool in Japan, after BNP Paribas proved very popular with its offering of non-preferred senior notes this week.
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Banco de Sabadell appeared to struggle to get much traction in the euro market on Wednesday, when it offered the first unsecured bond from a Spanish bank in more than three months.
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BNP Paribas is marketing two tranches of non-preferred senior debt in Euroyen format, in what has been an impressive year for the market's supply of debt from foreign banks.
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Talk of the UK leaving the EU without a deal has given investors one more reason to shy away from supporting bond deals from the country's banks, during a busy period for new issuance.
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Bank of the Philippine Islands (BPI) made its first jump into the bond market on Tuesday, taking home a larger-than-expected $600m after investors embraced the rare Philippine issuance.