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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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If any proof was needed that the “spirit of sanctions” has thawed in the capital markets, $3bn of Russian Eurobonds in one week should be it. Russian borrowers have had their busiest week by volume since the heady days of April 2013, and there is plenty more to come, writes Virginia Furness. -
When Crédit Agricole looked long term for a new vanilla senior bond this week, it shed light on the future composition of bank funding structures. As central banks start to close the doors to their funding schemes, financial firms are going to want good access to the liquid markets for both preferred and non-preferred senior bonds alike.
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GlobalCapital understands that RBC Capital Markets has reached into the European FIG talent pool and plucked out an HSBC syndicate banker to join its origination efforts.
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BBVA said this week that it could be in a position to issue its first non-preferred senior bond by the second half of the year, as optimism following the first round of the French presidential election helped create extremely attractive issuance conditions in the FIG market.
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China Huarong Asset Management Co sold a $3.4bn-equivalent six-tranche bond in US dollars and Singapore dollars on April 20. The transaction featured many firsts for the issuer, and was part of its efforts to normalise its debt curve.
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China Southern Power Grid Co, China Minsheng Banking Corp and Hong Kong-listed SOCAM Development started taking bids for their respective dollars bonds on Thursday at the Asia open.
