Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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A phenomenal amount of new supply since the start of 2014 meant the FIG market was bound to suffer some indigestion eventually. It did so on Tuesday, after Intesa Sanpaolo struggled to find traction with an eight year senior trade on Monday. Bonds widened on Tuesday and the market took a breather, but things seemed to be back on track on Wednesday.
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Intesa Sanpaolo’s eight year senior deal widened significantly in the secondary market on Tuesday, leading a broad underperformance among Monday’s new issues. The weaker backdrop prompted market participants to suggest that the market needed to take a break before another avalanche of supply from banks in peripheral Europe.
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Banque Fédérative du Crédit Mutuel and Commonwealth Bank of Australia are both set to price Swiss franc deals in the belly of the curve on Tuesday afternoon, adding to a strong start to 2014 for FIG issuers in medium tenors.
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Banco Espírito Santo followed its sovereign into the capital markets on Monday, bringing the first senior bond of the year from a Portuguese bank as credits from Europe’s periphery continued to dominate the deal flow. High beta names found the strongest bid, with national champion Intesa Sanpaolo struggling to gain momentum, which some observers put down to the lower spread it was offering.
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Liechtenstein based financial LGT bank tapped the Swiss franc market on Monday for a new long seven year deal. By looking for a longer maturity than is common for a single-A rated issuer, the bank was able to court demand from yield-hungry investors.
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Senior unsecured bank bond issuance continued apace on Friday, as BBVA and Santander Consumer Finance brought deals, capitalising on the frenzied investor demand that supported just over €9bn of euro issuance between Tuesday and Thursday.