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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Société Générale became the third French bank to dip into dollars for senior non-preferred debt this week, with investors appearing hungry for the new product. -
Intesa SanPaolo and Santander found attractive pricing as they kick-started the bank capital market in euros this week, and bankers are forecasting a busy January before financial institutions drop into blackout periods.
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BBVA and BFCM offered investors a rare chance to grab vanilla senior as the euro market heated up on Thursday, with the latter bucking the recent trend for French banks to sell new non-preferred notes.
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Barclays pulled in $1.5bn for a 30 year senior bond as part of a four-tranche offering worth $5bn, as five Yankee FIG borrowers powered through the first global window of 2017.
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High volumes of issuance have boosted confidence in FIG primary market conditions at the start of 2017, with bankers expecting flows to remain high until banks start going into blackout later this month.
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BNP Paribas was marketing senior non-preferred bonds in both euros and dollars on Tuesday, as French banks looked to prioritise issuing the new bonds in early 2017.
