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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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ANZ Banking Group and Bank of Nova Scotia (Scotiabank) sold identical three year floating rate notes in euros this week at identical prices, drawn to the currency for the first time in years by a favourable swap rate into US dollars.
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BRE Bank and African Bank both sold Swiss franc debt this week, heralding the return of triple-B credits to the currency after an absence of several months. BRE went first, making its debut in the Swiss franc market on Wednesday, appealing to retail investors and asset managers starved of high yielding paper.
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Skandinaviska Enskilda Banken (SEB) took advantage of demand from institutional investors for seven year sterling paper this week to print a senior unsecured deal at a level competitive against its euro curve.
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Italy’s Veneto Banca took recent advice from FIG syndicates to the extreme this week as it brought its sub-investment grade rating to the senior unsecured market, offering the kind of yield that hasn’t been seen on a euro benchmark since January.
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Veneto Banca had to rely more heavily on domestic buyers for its return to the senior unsecured market on Wednesday, but bankers were treating the BB-rated bank’s market access as a sign the market remains in positive mood.
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Australia & New Zealand Banking Group (ANZ) was set to price its first senior unsecured benchmark in euros for more than three years on Thursday, and was welcomed back to the market with €750m of orders after only an hour.
