Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Kangaroo and Panda market grow as banks create US dollar FRNs to meet Asian demand
◆ Week's third FIG sterling deal to take advantage of opportunistic Gilts arb this ◆ Issuer's second sterling deal this year ◆ Follows multi-tranche yen issuance across the capital stack
◆ Issuer raises large size for the currency ◆ Pricing break through 100bp level ◆ Book stays almost intact despite macro volatility
◆ Spanish lender returns to unsecured issuance after three years ◆ Spanish banks are seizing a favourable funding environment ◆ Concession paid to keep selective investors interested
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National Australia Bank packed $3.5bn of funding into a multi-tranche deal on Wednesday, taking advantage of strong demand and a heightened risk appetite among US investors. -
FIG bankers are already fearing another window-driven year for FIG issuance after the financial markets’ torrid new year took another turn for the worse on Thursday.
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Westpac NZ launched a sterling senior bond on Wednesday and Santander UK will soon follow with a debut holdco deal, as FIG's first signs of life in 2016 favour the UK market.
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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.
