Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
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
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Barclays has printed one of the largest dollar senior trades from a European bank in recent memory, as it and Santander UK took home $5bn of holding company debt between them on Tuesday.
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UK banks have wasted no time in plundering a deep dollar market for holding company senior debt this week, while euro investors have been restricted to a variety show of covered bonds.
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National Australia Bank (NAB) has priced a seven year Swiss franc note on Tuesday, making it the first international issuer in the currency for 2016.
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The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.
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Barclays has offered to buy back up to £7.5bn of senior unsecured notes, and could shortly be in the market with fresh holdco debt as it looks to satisfy regulatory capital requirements.
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Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.