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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BBVA and CaixaBank tapped into strong demand for their first senior non-preferred bonds this week, and other Spanish names could join the party with national legislation for the instrument in place. -
Three Swedish banks were busy in the preferred senior market this week, with SBAB Bank and Svenska Handelsbanken pricing new deals and Länsförsäkringar Bank (LF Bank) lining up for its debut.
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Mitsubishi UFJ set the spread at 45bp over mid-swaps for a €750m seven year note in its debut holdco euro issuance on Thursday.
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BDO Unibank set a new record on Wednesday with a $700m bond, the largest dollar deal ever from a bank in the Philippines and a rare transaction from the island nation this year. Although few expect a rush of Philippine credits in the dollar market as a result, there is some hope next year will set a new pace. Morgan Davis reports.
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Senior preferred valuations have been moving ever closer to those of covered bonds, making it difficult for issuers to decide which funding instrument to favour in recent weeks.
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CaixaBank set a spread of 95bp over mid-swaps on Thursday for a long five year senior non-preferred bond in euros, following on from BBVA’s €1.5bn debut in the instrument.
