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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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BNP Paribas opened the new year’s unsecured market on Tuesday with a seven year senior non-preferred deal in dollars, undeterred by a less attractive cross currency basis swap. -
Italian banks are expected to begin issuing non-preferred senior bonds for the first time, after the country’s parliament approved a package of reforms as part of its latest budget law.
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The Single Resolution Board has come up with a policy on the minimum requirement for own funds and eligible liabilities (MREL), clarifying its position on the eligibility of structured notes and retail holdings and giving banks up to four years to hit their institution-specific targets.
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The Federal Reserve Board and the Federal Deposit Insurance Corporation said this week that the largest US banks had made ‘significant progress’ in drawing up resolution plans.
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Ignazio Visco, the governor of the Bank of Italy, told lawmakers in Rome this week that Europe’s bank rescue rules did not help with the ‘speed and effectiveness’ of dealing with the country’s recent banking crises.
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Senior bonds subordinated to other senior liabilities will no longer be eligible as collateral when financial institutions borrow from the European Central Bank (ECB), the organisation has announced.
