Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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◆ Rival bankers impressed by spread ◆ Negative premium debated ◆ Spread lands just 10bp shy of BNPP’s similar offering -
◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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◆ Whether issuer priced through euro curve debated ◆ French bank opting for sterling 'pretty smart tactically' ◆ Euro-sterling cross-currency basis lures other issuers
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◆ Rare senior non-preferred appearance helps attract demand ◆ Issuer expected to be more frequent in sterling after Virgin Money acquisition ◆ Deal lands flat to fair value
