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◆ UK bank's first European opco deal in more than five years ◆ Higher real rates spurred demand for short-dated assets ◆ Larger FRN clears with no premium
◆ 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
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Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.
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Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.
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China Securities (International) Finance Holding Company has picked banks for a US dollar bond, boosting the appeal of the notes with a standby letter of credit from the Hong Kong branch of China Construction Bank.
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Shanghai Pudong Development Bank Co (SPDB) is due to start roadshow for a proposed dollar bond this week.
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Lloyds Bank was at the head of a stack of FIG trades that hit the market on Tuesday, despite European stocks diving again on poor manufacturing data from China.
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Investors are firmly back in risk-of mode this week as global stock markets take a battering. This is likely to put new issuance on hold for the rest of the month and the outlook for September also looks uncertain, say bankers.