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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American International Group (AIG) sold bonds in euros for the second time since the financial crisis on Monday, choosing to come to the market after the UK election and before the summer lull. -
Market participants were unfazed by the hung parliament result in the UK election on Friday morning.
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Banco Popular’s tier two bondholders were ‘zeroed’ when the bank was resolved this week, joining the Spanish firm’s additional tier one (AT1) investors in losing all of their money. But Popular’s resolution does not necessarily spell the end for the distinction between ‘going’ and ‘gone’ concern capital.
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US banks this week took a breather from the torrent of issuance related to meeting total loss-absorbing capacity (TLAC) requirements, preferring instead to hit the market with ineligible, short dated senior unsecured trades.
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European authorities tested the bank recovery and resolution directive (BRRD) for the first time this week, placing Spain’s Banco Popular into resolution and approving its sale to Santander. The regulatory process, in which subordinated debt was wiped out, has far ranging implications for all market participants working on financial debt, write Tyler Davies, Jasper Cox and Aidan Gregory.
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Banco Popular’s senior bondholders walked away from this week’s resolution process unharmed, but there is no guarantee this would happen in other resolutions.
