Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ 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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Banco Santander Chile sold its second Swiss franc deal of the year on Tuesday, pricing the six year debt comfortably inside the trading of its other bonds in the currency. Swiss franc investors are becoming increasingly comfortable with Chilean credits, with Santander's deal being the sixth from the country this year.
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Zurich Insurance sold a dual tranche Swiss franc deal on Tuesday afternoon, pricing six and 10 year bonds flat to its curve despite controversy around the firm following the death of a senior executive.
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The bank capital market is beginning to show signs of the predicted deluge of September supply, with HSBC bringing its first tier two bond in three years on Tuesday, Crédit Agricole on the road for a Coco, and Intesa Sanpaolo Vita meeting investors for a euro subordinated deal. Covered bonds have also been pouring out this week, but while the senior pipeline is bulging, there were no deals in the euro market on Tuesday or Wednesday — and the deals that came on Monday had mixed fortunes.
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KBC Bank increased the size of its five year senior unsecured deal on Monday after pulling in €1.2bn of orders without giving too much away in terms of new issue premium.
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Deutsche Pfandbriefbank (Pbb) was surprised by a lack of demand for its senior unsecured deal on Monday, particularly from larger accounts that had expressed a preference for the chosen four year maturity, lead managers told EuroWeek Bank Finance. -
Zurich Insurance is set to price its first Swiss franc deal in over a year on Tuesday afternoon, opting for a dual tranche trade with six and 10 year maturities. The bond comes in the wake of the suspected suicide of a senior executive at the firm and the resignation of its chairman.
