Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
This year's cumulative total issuance by financial institutions outstrips 2025's levels
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
The bank tightened a little more than a UAE peer did on Tuesday
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It may not have grabbed the headlines like a French Presidential tryst, but the love affair between the country’s investment grade banks and US investors hit fever pitch this week as a quartet of issuers took home $5.7bn.
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Banque Fédérative du Crédit Mutuel, Commonwealth Bank of Australia and LGT Bank all tapped the Swiss franc market this week. CBA and LGT opted to secure larger volumes by offering attractive coupons to yield hungry investors. German insurer Allianz is also likely to benefit from a Swiss hunt for yield, mandating banks to arrange a roadshow for a sub deal.
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Dexia Crédit Local continued its steady march towards an established curve in the senior unsecured market this week, adding a seven year to existing three and five year trades and witnessing an increased central bank bid.
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There is no shortage of FIG issuers monitoring conditions in the senior unsecured market, but they were again holding back on Thursday as a wobble in appetite for higher beta paper earlier this week continued to stabilise.
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Dexia Crédit Local launched a seven year euro bond on Wednesday morning as it continued its march towards a full government guaranteed senior unsecured curve.
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Rabobank gave the euro senior unsecured market a much lower beta look than in recent sessions on Wednesday when it opened books on a five year transaction, and bankers feel the next week or so could be more suited to stronger names.