Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
◆ 'Strong' bid from international and domestic accounts ◆ Priced inside of issuer's target level ◆ Lower NIP than last week's trades
OTP plans first Swissie issue from a Hungarian bank for 16 years
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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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. -
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.
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France has carried and cared for the idea of creating an explicitly bail-inable class of senior debt for about nine months, but the birth of the new asset class this week was swift, effortless and pain-free. Success of the first two deals was critically important, as investors will become very familiar with the new product in the first quarter of 2017.
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Making senior debt explicitly bail-inable fundamentally changes the risk profile of the asset class. Investors must not take that shift lightly.
