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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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A trio of banks showed the primary market for FIG bonds is in good shape despite the impending Easter holiday by attracting good demand for their deals. The floating rate format proved particularly popular as investors looked for a hedge against the increasingly uncertain geopolitical and rates outlook. -
Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.
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Nationwide Building Society got a “better than expected” result for a €750m fixed rate six year senior unsecured deal which it issued on Monday.
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Intesa Sanpaolo issued a €1.5bn five year floating rate note on Monday following a successful deal in the format for BBVA last week and also paid close to no new issue premium.
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Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.
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Spain’s BBVA paid next to no new issue premium for €1.5bn of new funding this week, picking its moment to return to a very healthy market for floating rate notes.
