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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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CaixaBank, which printed a €1bn 3.5 year bond on Monday, opted for the senior unsecured format — paying a large new issue premium — to refinance a maturing covered bond rather than rolling over the covered debt because it did not want to tie up collateral, EuroWeek understands. Elsewhere, Santander Consumer Finance brought a €1bn April 2015 bond on Tuesday.
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FIG issuance in Swiss francs is expected to see a lull in coming weeks, with many borrowers entering blackout periods ahead of third quarter results. Nevertheless, investor confidence appears unmarred by concerns regarding the US debt ceiling with buyers keen to commit to a five year deal from ABN Amro on Monday.
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Lloyds Bank returned to the senior unsecured market for the first time since last January on Monday, using its rarity value to come at a minimal premium above its secondary curve. Meanwhile, CaixaBank took advantage of a better tone in Europe’s periphery to launch a long three year deal. -
ABN Amro opened books on its second Swiss franc trade of the year on Monday morning, selling five year paper. Leads expected to price the deal on Monday afternoon.
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The political drama played out in Italy this week has not damaged the prospects for appearances in the senior unsecured market by Italian and Spanish banks — although some of those borrowers had trades lined up for this week but were derailed by events, according to FIG bankers.
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IntercontinentalExchange Group was a rare benchmark issuer in the US this week as earnings blackout and the partial government shutdown stifled high-grade supply from banks and financial institutions.
