Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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A flurry of new issuance activity on Wednesday did not prevent Bank of Ireland from pricing its first senior deal from its holding company at a level that was close to the fair value implied by secondary market valuations. -
Rabobank welcomed huge demand on Wednesday for its first ever non-preferred senior bond, bringing a deal forward before the Netherlands has legislated for the asset class.
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Commerzbank was offering enough of a spread for its debut preferred senior deal to be able to tap into a deep pool of pent-up demand in the euro market on Tuesday.
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Swedbank was four times subscribed for a new five year senior deal on Monday, as banks filed back into the euro market before the traditional end of the summer period.
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German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.
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Berlin Hyp is set to become the first German bank to sell a preferred senior bond after issuers regained their access to the funding tool through recent legislative changes.
