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Most recent/Bond comments/Ad
Most recent
Like many senior sukuk from the Gulf, local investors will drive demand
◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
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Non-US financial institutions have favoured going to the dollar market for unsecured offerings in the first two days of the year, with Crédit Agricole looking to raise tier two capital in the currency on Wednesday. -
A plethora of covered bonds issued in the first week of 2018 met with strong investor demand reflecting the fact that buyers have considerable amounts of cash to put to work.
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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.
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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.
