Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
Currency's higher yielding appeal has lured investors across the capital stack
More US banks have used callable format for opco dollar issuance this year
◆ US company aims to issue more frequently in euros ◆ Final book heard at €1.75bn ◆ Favourable relative pricing at seven years
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The investor base for subordinated Samurai bonds is growing, with BPCE’s debut in the format — the triple trancher is just the second ever Samurai sub deal to comply with Basel III — unearthing investors that do not traditionally participate in FIG deals.
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The senior unsecured market enjoyed a brief window of activity on Tuesday, when all three of the senior trades this week were printed. Morgan Stanley and Rabobank sold well received deals at the long end, while Caisse Centrale du Crédit Immobilier de France sold a government guaranteed note in the belly of the curve.
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Hong Kong has published its second consultation paper (CP2) on a resolution regime for financial institutions, as it readies itself for a new set of capital requirements – Total Loss Absorbing Capacity (TLAC). Market participants expect bond volumes to go up as banks prepare for the new regime, although for that to happen, the government will need to come up with answers to some tough questions, writes Rev Hui. -
Philippine lender Security Bank made its mark on the dollar debt market for the first time on January 27, raising $300m from an order book that was close to six times covered. The good reception was helped by a tidy new issue premium and the country’s status as a safe haven from recent market volatility.
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Morgan Stanley is mulling issuing a debut Formosa bond in Taiwan, eyeing a five year transaction with a size of no more than Rmb1bn ($160m), two sources told GlobalRMB this week. If a deal emerges, it would be the first Formosa from a US issuer, and only the second from a non-Chinese or Taiwanese bank.
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The senior market was back in flow on Tuesday after a brief hiatus at the start of the week as market participants evaluated the results of the Greek election. A Syriza victory in the election was not enough to dull demand for FIG paper, with both Morgan Stanley and Rabobank drawing large order books for long dated deals.
