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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Banque Fédérative du Crédit Mutuel attracted more than €4.5bn of orders for a dual-tranche offering at the beginning of the week, as it joined ABN Amro and Westpac in pouncing on strong conditions in the euro senior unsecured market. -
BPCE was active in the Samurai market this week, selling ¥119.5bn ($1.08bn) of notes, the vast majority of which were in the senior non-preferred format and will be used to finance eligible social loans. The French bank is also drafting a new framework for green bonds and two types of social bond.
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CMB International and South Korea’s SK Innovation were taking bids for their dollar bonds on Monday, but despite the early start to the activity, debt bankers expect little else to follow.
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CCB Financial Leasing Corp sold the only dollar bond from Asia ex-Japan this week, raising $400m from a five year floating rate note on Thursday. But bankers and analysts said that the once robust demand for the format is already showing signs of decreasing.
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Banks and insurers look set to pounce upon any more stable market days over the coming weeks to print deals before they enter blackout periods and the summer shutdown. Several took that approach this week by bringing deals on Wednesday, which was US Independence Day.
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Dutch banks have moved one step closer to being able to issue non-preferred senior debt after the government made progress with the relevant legislation this week, but a spokesperson for the ministry of finance suggested that final implementation was not expected until the fourth quarter.
