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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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Bank of America became the first US bank to target the euro market for new senior debt after publishing first quarter results, as the firm and its compatriot peers pile into the capital market for new total loss-absorbing capacity (TLAC) eligible deals.
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Industrial and Commercial Bank of China’s Singapore branch sold a dual-tranche floating rate deal on Wednesday, raising $2bn and hitting its pricing goals.
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Deutsche Bank has launched separate exchange and tender offers on its $4.5bn 4.25% 2021 bonds in a bid to maximise the amount of total loss absorbing capacity eligible (TLAC) senior debt it has outstanding.
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China Huarong International Holdings began marketing a four tranche dollar deal on Thursday morning, including two floating rate notes.
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Bank of America opened books on a four tranche dollar deal on Wednesday, following first quarter earnings and chasing huge senior transactions from its peers JP Morgan and Citi.
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Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.