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Yankee deals range from subordinated debt debuts to super long senior extensions
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
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The bank capital market is ablaze this week, with Barclays’ additional tier one deal on Tuesday being followed by a low trigger tier one trade from Credit Suisse and a rights issue and preference share sale for Bank of Ireland on Wednesday. Covered bonds and ABS have continued apace, but like senior unsecured, those markets are slowing down as Christmas approaches.
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Bank of America Corporation launched a two-pronged assault on Europe’s funding markets on Tuesday as it combined a rare euro-denominated senior benchmark with an even rarer sterling one.
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Chilean financial Banco de Crédito e Inversiones is set to sell its second Swiss franc bond on Tuesday afternoon, a short dated note that secured the borrower a healthy arbitrage compared to its funding costs in dollars.
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Intesa Sanpaolo took European money market funds’ investment mandates to the limit with its €1.5bn two year floater on Monday, but was rewarded with a healthy secondary market performance.
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Despite Intesa Sanpaolo launching its third senior unsecured benchmark of this quarter on Monday, investors showed appetite for the Italian bank remains as strong as ever after putting in healthy orders at a competitive price level.
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UBS will buy back €1.75bn of debt across 11 bonds as part of the bank’s balance sheet reduction plans.