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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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While the euro primary market was running hot for financials this week, four banks also went to the sterling market for £1.625bn of senior funding, mainly concentrating on the shorter end of the curve. -
Ailled Irish Banks has announced a roadshow for its debut senior deal from its holding company. A resulting transaction would also be the first sub senior deal from an Irish lender.
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Swedish lender SEB was looking for sterling funding on Thursday, after a clutch of banks issued bonds in the currency on Wednesday. But amid bonds underperforming in the secondary market, the bank was unable to grow the order book much beyond the deal size of £250m.
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Goldman Sachs was offering investors a large new issue premium in exchange for 10 year euro funding on Thursday, as trading levels suffered under the weight of recent primary market supply.
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Royal Bank of Scotland and Bank of Montreal were offering investors sterling debt on Wednesday, as some analysts said that credit spread widening had made bonds in the currency appear cheap.
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Iceland's Arion Bank was looking to add another year onto its senior unsecured bond curve on Tuesday, a week before its comeback euro deal was set to mature.
