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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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Lloyds was selling a seven year floater from its holding company on Wednesday, in a deal that bankers described as a post-election ‘vote of confidence for the UK’ following the general election. -
Germany’s Deutsche Pfandbriefbank (Deutsche Pbb) will meet investors next week ahead of its inaugural tier two deal, as market participants appeared to shrug off the consequences of Banco Popular’s resolution last week.
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Investors may require a higher premium of UK banks as they return to the capital markets following last week’s general election, which has made the future of the nation’s politics very uncertain.
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With market participants more focused on Brexit than the UK election result, Clydesdale announced plans to sell its first senior unsecured bonds from its holding company.
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Lloyds Bank has launched cash tender offers for about £6bn of dollar, euro and sterling senior bonds, as the UK financial institution looks to shrink the pool of outstanding notes issued from its operating company (opco).
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The difference in trading levels between well capitalised and thinly capitalised banks could increase following Banco Popular’s resolution, making it more difficult for some banks to access the market for subordinated debt.
