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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BNP Paribas is blazing a trail by selling non-preferred senior bonds in non-core currencies, as a broadening circle of investors show their interest in total loss absorbing capacity (TLAC) product from European banks. With more liquid points outstanding, the way could be open for more financial institutions to follow. -
International borrowers made good use of sterling this week, finding value in the market despite risks around the UK budget and the government's intention to trigger Article 50 later in the month.
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Nykredit Realkredit found weaker conditions on its return to the senior resolution note format on Thursday, having recently updated its issuance programme to make sure the bonds will become "non-preferred" senior if Denmark changes its insolvency law.
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Malaysia’s CIMB Bank sealed a $1bn dual tranche deal on Wednesday, enticing investors with its rarity and a floating rate option, against a strained market backdrop ahead of the US Federal Reserve meeting.
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If it cannot find a buyer, the UK’s capital-strapped Co-operative Bank is considering raising fresh share capital and swapping any of its senior or subordinated bonds into equity. The firm also announced plans for a tier two sale in 2018 should the recapitalisation prove successful.
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Nykredit Realkredit has made sure that all of its ‘senior resolution notes’ will become non-preferred senior debt if Denmark updates bank insolvency hierarchies in line with a recent proposal from the European Commission.
