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Most recent/Bond comments/Ad
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◆ Wide range of investors buy highly rated bonds ◆ DNB achieves one of the tightest spreads since Covid-era QE days of 2021 ◆ SpareBank 1 SMN extends euro senior curve by two years
◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency
◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker
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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. -
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.
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The International Swaps and Derivatives Association has accepted a request from investors to rule on whether Portugal’s Novo Banco has triggered a government intervention credit event.
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Banks are some of the most prolific issuers of private medium term notes, but their use of the format is developing from pure funding to include capital. As a result, the MTN market could offer a crucial resource for issuers in the face of regulatory pressure. Jonathan Breen reports.
