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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◆ Dutch lender prints in receptive market for smaller issuers ◆ Buyers have returned its bonds after August sell-off ◆ Single digit new issue premium -
◆ Portuguese lender attracts 'absolute' spread buyers ◆ Pricing seen flat if not inside fair value ◆ Appetite for 'underweight' Portuguese risk helps
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◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election
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Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
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◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand
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◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity
