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The two Japanese mega-banks racked up massive order books ahead of US Independence Day
◆ Euro leg forms part of near-$5bn triple currency senior funding salvo ◆ First euro senior pref fixed rate offering from the bank since 2023 ◆ Limited concession paid
◆ First unsecured deal in 10 months ◆ Spread on offer ◆ PBB looking to make net profit this year following 2025 net loss
◆ Second Swiss cantonal bank to fund in euros this year ◆ Slow bookbuilding for a tight credit ◆ Premium paid
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◆ 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
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◆ 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
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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
