Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Non-US banks continue dollar funding ahead of congested post-Labor Day market
◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
◆ Austrian bank's biggest book for a senior bond in many years ◆ Higher spread than peers, longer marketing helps ◆ Scarcity of Austrian non-preferred debt
Like many senior sukuk from the Gulf, local investors will drive demand
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Industrial and Commercial Bank of China (ICBC) Dubai sold a dual tranche $700m floating rate deal on Monday, followed by a €500m floater on Wednesday. -
AIG picked banks for the sale of a long dated senior bond on Thursday, as US financial institutions eyed favourable funding costs in the European market.
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China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.
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Commerzbank and KBC were looking to sell new senior unsecured bonds in a less enthusiastic primary market on Wednesday, after banks credit spreads started widening following the recent mass of supply.
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Bank treasury departments have spied a golden opportunity to make headway on the riskiest parts of their funding strategies this week, but bankers are keeping their eyes peeled for sign that the mountain of supply is pushing bond spreads wider in secondary.
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Senior bank debt investors in Europe are losing their right to accelerate payments of interest or principal. The process has been gradual, low key and at times even overlooked, but it is one of the most fundamental developments in the recent history of the senior bond market.
