Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The bank tightened a little more than a UAE peer did on Tuesday
◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
Hungary's change of government is still drawing in investors despite a difficult summer
Issuance from Turkey aside from the sovereign is down year-on-year, but not by much
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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. -
Haitong International received a helping hand from the European Central Bank on January 22, with the ECB’s much publicised asset purchase programme proving to be the key for the Chinese broker to achieve much better pricing as well as size for its 5.5 year dollar bond.
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While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
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A trio of US banks found deep demand in the euro market this week, with Citi, Goldman Sachs and JP Morgan all drawing large order books for senior deals in the currency. A favourable cost of funding compared to dollars allowed the banks to offer up large new issue premiums to investors, calming the nerves of any investors concerned by the recent glut of supply or possible volatility from Thursday’s ECB meeting.
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Chinese broker Haitong International is taking advantage of a quiet Asian primary market by opening books to a five and a half year dollar bond on January 22.
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Citi added to a spree of euro issuance from US banks on Wednesday, following Goldman Sachs and JP Morgan to hit the market for a 10 year senior print. The low rate environment in Europe means US banks can offer investors attractive spreads while still saving against their cost of funding in dollars.
