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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Attractive spreads have dominated new issues this week, with UniCredit grabbing investors’ attention with its senior coupon and ANZ New Zealand and Kommunalkredit Austria offering eye-catching premiums in covered bonds. But in the bank capital market, holders of Danske’s perpetual tier two bond complained that they were being short changed in a tender offer.
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UniCredit on Tuesday offered senior unsecured investors the type of yield they have been craving, and more than 200 of them responded by placing orders for the Italian bank’s long five year deal. -
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 grow the deal beyond its minimum target and price at the tight end of guidance.
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Bankers expressed surprise that the primary markets for bank capital, senior unsecured and covered bonds were bare amid a strong backdrop on Monday, with some predicting a busy Tuesday ahead of a US monetary policy decision by the Federal Open Market Committee (FOMC) a day later.
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FIG bankers feel national champion banks from periphery countries have an opportunity to grab more attractive pricing in senior unsecured in the coming weeks, given a clear bias being shown by accounts towards chunkier coupons.
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Industrial Bank of Korea is the latest Korean issuer to prepare a global bond offering as the bankers empty a jammed pipeline filled with banks and corporations.
