Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Market participants struggle to justify FIG and corporate bond parade as technicals power primary
◆ Spanish bank prints senior bond duo with no new issue premium ◆ Ten year tranche may have had negative concession ◆ FRNs remain popular, in public and private forms
◆ Yankee banks top up regulatory capital ◆ Brown & Brown fund $10bn acquisition ◆ Investors hunt for yield
New faces in euros could be thin end of the wedge as Pacific Life introduces first green FABN
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Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets -
◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty
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◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper
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European FIG issuers should consider a more disciplined approach to borrowing
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◆ BNPP 'gives the market what it wants' as it raises more with longer, lower ranking tranche ◆ Market receptive to big senior deals ◆ Third French deal in three days
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◆ Dutch bank pays slim premium ◆ Defensive trade ticks several boxes ◆ Three to five years 'a sweet spot' for investors and issuers
