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Senior Debt

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◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
◆ Landesbank increases senior market presence ◆ Slower demand due to limited familiarity beyond Germany-speaking investors ◆ Similar execution to other recent 'rich' SP bonds
◆ 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
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  • BNP Paribas priced its first Samurai bond in two and a half years on Friday, becoming the latest in a long line of European banks that have gone east for attractive prices this year.
  • SSA
    Dexia Crédit Local will rack up the air miles this month as it takes its fledgling government-guaranteed platform on a global roadshow.
  • FIG
    US FIG supply got off to a flying start in September as Bank of Tokyo-Mitsubishi UFJ and Toronto Dominion took home more than $6.7bn.
  • FIG
    Lead managers on a senior unsecured deal from Deutsche Pfandbriefbank (Pbb) this week were at a loss to explain why orders from bigger accounts failed to materialise, despite a decent new issue premium and a maturity designed to appeal to them.
  • ABN Amro hit the sterling and US dollar markets for senior unsecured debt this week, continuing a charge into non-euro funding for the Dutch bank that has seen it print bonds in five different currencies in the last two weeks.
  • FIG
    Compagnie Financière Tradition, the Lausanne-based brokerage, made its public market debut on Thursday, selling three year Swiss franc notes. The issuer benefited from a robust domestic bid, allowing it to reach the top end of its target range.