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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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Crédit Agricole was set to issue a long seven year senior preferred bond on Monday, opting for the old-style asset class instead of a covered bond for its funding requirements. -
NN Group mandated banks for an offering of senior and subordinated debt on Monday, as the firm looks to merge with fellow Dutch insurer Delta Lloyd.
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Taikang Insurance Group has mandated nine banks to arrange a dollar-denominated offering, with roadshow starting on January 9.
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Citi became the first US bank to hit the market in 2017 amid a torrent of Yankee issuance, as it took home $5.25bn in two separate trades to power a record start to the year for dollar supply.
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European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.
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BBVA and BFCM chose to issue five year debt on Thursday, as vanilla senior debt took precedence over capital and loss-absorbing securities.
