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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Suncorp-Metway opened books for a sterling FRN on Monday morning, hoping to tap into demand for floating rate notes from investors anticipating a rates hike at the Bank of England in the near future. While a similar deal from Westpac New Zealand sold well last week, bankers away from the deal were concerned that a weaker rating could hurt Suncorp’s chances.
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Malaysian lender RHB Bank is back in the dollar market following a two year absence, opening books to a $300m bond on September 29. -
Huatai Securities made its inaugural dollar issue on Thursday, September 25, selling a $400m credit enhanced five year bond. Despite less than ideal market conditions, the borrower’s decision to follow in the footsteps of other Chinese financial names that have debuted with a standby letter of credit (SBLC) backed structure helped it to gain a strong following.
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Yankee heavyweights ING and Santander rounded off a stellar month for US financials issuance with trades that pushed supply beyond $70bn.
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Expectations of low supply in the remaining part of the year and a hunger for yield benefited FIG issuers this week. Barclays, Credit Suisse, Goldman Sachs and Morgan Stanley all received strong receptions for new senior prints.
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Westpac New Zealand made its sterling debut this week, highlighting the strength of demand for sterling financial paper, particularly floating rate notes.
