Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January -
HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
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◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater
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◆ Bankers unanimous on fair value ◆ Senior market 'wide open' following US election ◆ More 2025 pre-funding expected
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◆ Bankers debate negative premium ◆ Spread could have been pushed further ◆ Fast money still interested in Greek names
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◆ Bankers debate premium ◆ Minimal attrition in order book ◆ Domestic buying interest
