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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UniCredit and Assicurazioni Generali on Tuesday proved that even competing trades could coexist in the senior unsecured market when there is enough demand, gathering over €10bn of orders between them for €2.5bn of paper. With spreads continuing to tighten, peripheral European credits offer investors the yield they crave, as Bank of Ireland proved on Wednesday.
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Credits from Europe’s periphery are raking in orders in the FIG funding markets, but investors are also going starry-eyed at the sight of high-yielding subordinated debt from core jurisdictions. On Tuesday there was just under €11bn equivalent in supply across senior, covered bonds and sub debt in euros and sterling, with Italian credits dominating senior, while sub and covered let core European names get in on the action.
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While Italian credits were grabbing the headlines on Tuesday morning, Abbey National Treasury Services quietly executed a €1bn five year senior deal and BNP Paribas a €1.25bn seven year trade, proving that core credits were also benefitting from the pent up demand that saw Assicurazioni Generali and UniCredit attract over €10bn of orders between them the same day.
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Italian insurer Assicurazioni Generali and Milan-headquartered lender UniCredit SpA grabbed €2.5bn of senior funding between them on Tuesday morning, while Banco Popolare readied itself for its own assault on the capital markets by mandating leads for a European roadshow. Investors piled into Generali and UniCredit’s deals, with the combined books hitting double figures.
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Australia & New Zealand Bank is set to price a US dollar senior unsecured deal on Monday afternoon, before it makes its 2014 debut in euros with a covered bond, expected to price on Tuesday.
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Italian insurer Generali and UK lender Abbey National have both mandated leads for euro senior deals with more issuers expected to follow later this week, once several European countries return to work after Monday’s Epiphany holiday.