Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ 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
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As Europe’s banks sweat over how best to raise cheap loss-absorbing capital, market participants have been awaiting the arrival of the first contractually bail-inable senior bonds. After Nykredit’s well-received market opener this week, the new asset class could be about to find its feet, writes Tyler Davies. -
JP Morgan raised €2.5bn of two year senior floating rate notes on Tuesday, using favourable market conditions to generate a negative new issue premium.
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ASB Finance this week grabbed its first euro senior benchmark since 2007, while DVB Bank extended its curve with a seven year, as bankers predicted a slowdown in issuance ahead of the UK’s referendum on EU membership.
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Sumitomo Mitsui Financial became the first Japanese bank to issue euro denominated holding company bonds this week, as the country’s banks make steady progress on their Total Loss-Absorbing Capacity (TLAC) funding targets.
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ASB Finance grabbed its first euro senior benchmark since 2007 and DVB Bank extended its curve with a seven year, as bankers predicted a slowdown in issuance ahead of the UK’s referendum on EU membership.
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The FIG market played host to the first contractually bail-inable senior deal this week, as a trio of borrowers broke new ground in loss-absorbing debt markets.
