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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Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers. -
US banks having been piling back into the dollar market after publishing their results for the first quarter of 2017, while upcoming elections in the UK and France have helped subdue supply in euros.
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French elections, blackout periods and the Easter holidays are expected to make FIG markets trickier to navigate but an opportunistic trade or two cannot be ruled out with a number of borrowers working on mandates.
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Bank of China hit Asia's debt market hard on Tuesday, unleashing a huge deal spanning four currencies and six tranches. The $3.1bn-equivalent deal was designed to make a statement to the market that it should not forget China’s Belt and Road initiative, DCM bankers said. Morgan Davis and Addison Gong report.
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The slightly softer tone in the Asian markets on Tuesday did not deter issuers from flocking to the debt market, with as many as eight borrowers bagging new bonds. And the momentum continued on Wednesday, with a handful of firms opening their transactions.
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Crédit Agricole issued a five year senior non-preferred bond on Tuesday, attracting a robust order book and pricing flat to its curve. The deal showed investors are still “desperate to grab what they can get”, according to one FIG banker, despite increased uncertainty over the rates outlook and the outcome of French elections.
