Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced
◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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US banks coming out of earnings blackouts have provided all the fare in FIG so far this week, and the trend continued Wednesday as Goldman Sachs and Bank of America hit the euro senior unsecured markets. And though primary market activity is subdued, those deals that are coming are ballooning with pent-up demand.
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The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.
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JP Morgan, fresh off the back of its projection-beating results, was the sole issuer in the European FIG senior market on Monday. The bank was sole bookrunner on its benchmark euro-denominated 7.5 year senior unsecured bond. -
Rabobank visited the US market twice this week ahead of what could be another busy summer of dollar funding for European banks.
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A tap by BNP Paribas of its first ‘regionally targeted’ bond was the only euro-denominated senior debt on offer this week, though investors seemed hungry for more.
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Tightening spreads encouraged a sprinkling of new deals in the FIG market this week, but for the most part issuers were battening down the hatches for results season.
