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Most recent/Bond comments/Ad
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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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Bank of Nova Scotia picked up £250m of senior funding at an attractive spread versus its euro levels on Thursday, but demand for the notes may have been stunted after Moody’s slashed the ratings on several Canadian banks in mid-May, including Scotia. -
United Bank of Africa (UBA) is set to become the second Nigerian lender to tap the dollar market in less than two weeks after emerging with pricing for a debut five year deal on Thursday.
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DBS Group Holdings and HSBC Holdings are wooing debt investors, with the former seeking a dollar senior deal, and the latter a Singapore dollar perpetual. The Export-Import Bank of China (Chexim) is also collecting bids for its fundraising.
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Strong demand for floating rate paper helped France’s BNP Paribas take home a longer dated non-preferred note on Wednesday, while its compatriot Banque Fédérative du Crédit Mutuel (BFCM) was able to walk away with £400m of new preferred senior funding.
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US Bancorp was able to raise €1bn of new funding on its first trip to the euro market for senior unsecured this week, as US names look to diversify their investor base away from dollars.
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Tinkoff Bank is targeting a return to the Eurobond market after an absence of more than four years, following a pair of rating upgrades in recent months.
