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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ABN Amro made a bid to print the last meaningful senior unsecured supply in euros before the summer break on Wednesday morning, as it launched a floating rate deal. Leads ABN Amro, Bank of America Merrill Lynch, Deutsche Bank and Royal Bank of Scotland released initial price thoughts in the Euribor plus 60bp area for the three year transaction.
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Austrian insurance firm Uniqa printed its debut public deal on Tuesday, a €350m 30 year non-call 10 subordinated trade that was more than three times covered. While there is still a chance of further senior unsecured supply this week, Uniqa’s trade is likely to be the last subordinated bond to hit the market until the end of August. -
Sumitomo Mitsui Banking Corp took the first step to establishing a public senior unsecured curve in euros on Friday as it printed an inaugural €500m 10 year bond.
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Banks not already in results blackout face a choice between having the full attention of investors this week and waiting until September when the FIG market is expected to be crowded but spreads tighter.
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Sumitomo Mitsui Banking Corp opened books on its first euro senior unsecured benchmark for nearly three years on Friday morning, offering investors a rare chance for exposure to a Japanese financial credit in the single currency.
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Some FIG bankers heralded the start of a decline in senior unsecured new issue premia this week after they judged Bank of America had paid less than 10bp for its seven year. But others are adamant that borrowers looking at pre-summer trades will still have to pay double digits for access.
