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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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ABN Amro and Bank of New Zealand opened the Swiss franc market for 2014 on Monday, selling debt in the middle part of the curve. Issuance in the currency is expected to accelerate as the week continues.
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Banks in the Netherlands are expected to finally prepare to print additional tier one capital in 2014, after the country removed the final barrier to issuance by ruling that AT1 instruments will be tax-deductible from January 1. The country’s banks are expected to be joined by Italian names in debut AT1 issuance — but Germany is still yet to resolve the tax issue.
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The FIG market was given an extra lift on Thursday — if it needed one — by the US Federal Reserve’s decision to taper its $85bn quantitative easing programme by $10bn on Wednesday, with bankers saying the market’s positive reaction to the announcement had banished fears that the bull run of the last couple of months could be derailed before the end of the year. -
The primary FIG markets are finally winding down in the run up to the Christmas holidays, with no new deals being launched this week. A mystery capital issuer postponed its deal until the new year, while UBS and Yorkshire Building Society closed liability management exercises — but the only real activity is among regulators.
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EuroWeek Bank Finance understands a European bank was considering printing a capital deal in euros last week, but has decided to wait until the New Year.
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UniCredit’s head of funding has told EuroWeek investors’ perception of Italian credits is still too conservative, after the national champion’s latest senior unsecured bond this week built on an impressive fourth quarter for the country’s banks in the funding markets.
