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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Fantastic funding conditions have recently allowed low beta borrowers to raise senior debt very cheaply, but a mid-week tightening of swap spreads caused problems for ASB Finance and SpareBank 1 SMN threatened to end the run of supply.
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Lead managers had to bolster the order book for SpareBank 1 SMN’s new senior deal on Thursday, after competing supply, changing rate hike assumptions and tightening swap spreads made pricing dynamics less compelling for low beta issuers. -
ING was more than twice subscribed for a €1.5bn trade from its holding company on Thursday — its first senior bond since confirming it as its resolution entity.
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China Development Bank jumped on the floating rate note (FRN) bandwagon this week, bagging $3bn equivalent and adding its name to a list of issuers that recently sold bonds in the format. With demand rather than supply driving deals, and with interest rate hikes looming, the stage is nicely set for more FRN trades, writes Addison Gong.
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Spain’s Bankia surprised the FIG market with an extraordinary tier two bond on Thursday, having used the momentum from a whopping €5.25bn order book and a massive rally in its secondary trading levels to price very tightly.
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Borrowers that ventured out to the Asia debt market on Wednesday should consider themselves lucky as the competition turned fierce on Thursday with six live deals. Beijing Properties (Holdings) and China Everbright Bank Hong Kong were among the names that managed to get ahead of the supply deluge.
