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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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Industrial and Commercial Bank of China (ICBC) and Bank of Communications (BoCom), enjoyed success with their decision to jump on the floating rate note (FRN) bandwagon on Monday, via their Hong Kong branches. The former bagged $2bn from a triple-tranche offering and the latter $850m from a three year floater. -
The Co-operative Bank put itself up for sale on Monday, but the ailing UK lender is also considering another debt-for-equity swap to build capital and avoid intervention from the Bank of England.
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The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.
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Skandinaviska Enskilda Banken broke a near ten year record in setting a very tight spread for its debut green bond, helped by a maturing green investor base and a recent flight to quality.
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The FIG market was gripped by a bout of volatility this week, causing new issue premiums to rise and order books to shrink. But primary markets will still be there to support the growing number of financial institutions exiting earnings blackouts.
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US banks returned to the dollar market with quick-fire trades, exploiting tightening in spreads on hopes that US president Donald Trump will loosen regulation in the sector.
