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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Borrowers have had to extend their run of offering attractive new issue premiums in the senior unsecured market on Tuesday, as JP Morgan offered investors a juicy level for long dated euro paper. A softer market and concerns over volatility are necessitating more enticing premiums in the asset class, according to syndicate managers. -
Dutch lender NIBC Bank returned to the euro senior unsecured market after an absence of almost three years on Monday, opening books on what is just its second non-government guaranteed senior trade since the financial crisis. Goldman Sachs will also price euro paper on Monday, selling a dual tranche fixed and floating 7.5 year print.
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After a frantic week of senior unsecured issuance, euro senior volumes for 2015 have already outstripped the entirety of last January. However, the impressive volumes cannot mask problems in the market. Syndicate bankers are nervously whispering about oversupply as the week’s deals trade wider, a problem exacerbated by currency volatility on Thursday as the Swiss National Bank scrapped the currency ceiling on the Swiss franc.
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A strong bid for Australian paper from Japanese investors allowed National Australia Bank to price the tightest ever spread ever for a 10 year Samurai from a FIG issuer on Friday, the first print in the format of 2015.
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Bond sales from Crédit Mutuel Arkea and Berlin Hyp on Thursday built on a frantic start to the year for the FIG market, helping volumes for the first two weeks of the year to rise higher than the whole of January 2014.
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Bank of Communications (BOCOM) priced a three year bond on January 9, relying on strong onshore investor demand to push through a slow bookbuilding process.
