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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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A combination of a slowdown in primary issuance and a tightening trend in secondary markets is expected to open the door to more deals from lower beta FIG issuers, after NIBC Bank and Deutsche Pfandbriefbank proved investors were keen to buy riskier credits this week.
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Goldman Sachs led a procession of bank bond issuance this week as supply soared to its busiest month on record for high grade FIG deals.
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MUFG this week issued its first euro denominated holdco bond from an MTN programme set up for the purpose, as it bids to diversify its sources of total loss-absorbing capacity (TLAC) eligible funding. -
Santander has become the first Spanish lender to raise non-preferred senior debt, even though Spanish law cannot yet accommodate the new asset class. The bank paid a small premium, and took an important early step towards its sizeable senior target for total loss-absorbing capacity (TLAC).
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Banca Monte dei Paschi di Siena issued €7bn of state-guaranteed bonds this week, as the ailing Italian lender looked to sure up its funding position ahead of an expected “precautionary recapitalisation”.
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Renewed appetite in the long end of the curve allowed Crédit Agricole Home Loan SFH to add a rare benchmark 20 year covered bond to an offering of eight and 15 year notes on Wednesday, as the French lender walked away with a healthy €2.5bn of funding.
