Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
◆ Steady demand thanks to improved investor perception ◆ Deal pays high single digit premium... ◆ ... but becomes issuer's tightest unsecured issue for many years
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
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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.
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UniCredit exceeded its original target by €250m to print a €1.25bn long five year senior bond this week, the first benchmark from a periphery bank post-summer. But the shape of the borrower’s curve led to a range of new issue premium estimates from bankers both involved in and away from the deal.
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Belgium’s Belfius Bank was the first borrower to take advantage of a buoyant senior unsecured market to print a debut deal on Thursday, but periphery banks may be the main beneficiaries of the Fed's dovishness in the coming weeks.
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Belfius Bank was the only bank with a trigger finger quick enough to hit the buoyant senior unsecured market on Thursday, opening books on its debut trade in the asset class as spreads tightened following the US central bank’s dovish policy decision on Wednesday not to begin reducing its bond-buying programme.
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UniCredit exceeded its original target by €250m to print its €1.25bn long five year senior bond on Tuesday. But the shape of the borrower’s secondary curve led to a range of new issue premium estimates from bankers involved in and away from the deal.