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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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Veneto Banca offered euro senior unsecured investors the sort of spread they haven’t seen since January when it launched a long two year deal on Wednesday.
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The covered bond market has exploded this week, with four euro deals launched on Wednesday, following one in US dollars on Tuesday. Bank issuance overall is back with a bang, after Fed tapering uncertainty was pushed aside, for the time being at least, and investors got the German election outcome they wanted. There has been strong supply in bank capital and senior unsecured, while UK issuers have returned to ABS after a long absence.
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Skandinaviska Enskilda Banken (SEB) went searching for demand at the long end of the curve from sterling investors on Tuesday as it opened books on a seven year transaction.
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Bank of Nova Scotia (Scotiabank) hit the euro senior unsecured market for the first time in more than six years on Tuesday, adding to sterling and US dollar prints last week.
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The volume of senior unsecured debt that European banks need to issue before the end of the year remains limited, but some bankers believe conditions may not get much better than the next few weeks.
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Rabobank sold five year floating rate Australian dollar paper on Tuesday through its Sydney branch. While interest rates have been on a downward trend in Australian dollars, further cuts are expected to be minimal, allowing the leads to increase the deal beyond its minimum target and price at the tight end of guidance.