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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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Hiscox is gearing up to sell short five year funding in the sterling market this week, as new issue conditions have become increasingly volatile across currencies. -
Bank of China joined its Chinese peers to sell floating rate notes (FRNs) offshore, while Fantasia Holdings Group Co added to the momentum in the high beta property sector. The two finished off an incredible week for both financial and corporate borrowers from the Mainland.
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Lloyds Banking Group and Royal Bank of Scotland issued bonds this week, getting a mixed reception in the primary and secondary markets, while the Bank of England’s Term Funding Scheme (TFS) closed.
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Japanese heavyweights MUFG and Mizuho hit the US dollar bond market in size as volatility eased this week before Bank of America grabbed the spotlight with a $6bn deal to boost its regulatory capital buffers.
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The issues surrounding Italy’s debt burden refuse to go away, but not all market participants believe that a change of government on Sunday would be able to stall or reverse the country’s recent economic progress.
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Banks unleashed a blizzard of floating rate bond issuance on the euro market this week, tapping into some pent-up demand from investors. But the return of the long-neglected and more defensive FRN format suggests that issuers feel as though they could be on shakier ground in the primary market this year.
