Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
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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More articles
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European banks have spent the better part of the last few years toiling away to raise loss-absorbing debt for new capital standards. But with many of the biggest firms closing in on their requirements, an attractive window has opened up in the primary market allowing a host of smaller names to print rare and first-time trades. -
Bank of America led a flurry of issuance from big-name financials which defied predictions by tapping the dollar market in advance of third quarter results to get ahead of next week’s Federal Open Market Committee meeting.
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Bank of Ireland got Irish banks off the mark with meeting their targets for minimum requirement for own funds and eligible liabilities (MREL) this week, selling its first trade from its holding company into a strong pool of demand.
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Bank of America helped to cap off a busy week of new FIG supply, as banks found a window to return to the primary market following the summer break.
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National Australia Bank (NAB) was said to have “fallen between the cracks” this week when a €500m seven year deal appeared to find the limit of investors’ demand for tightly priced senior bonds.
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Risks including regulation, monetary tightening and the rise of the senior preferred asset class are touted as threats to the covered bond market. But participants on the opening panel of the Euromoney/ECBC Covered Bond Congress remained relatively unfazed.
