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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Banque Fédérative du Crédit Mutuel became the latest French bank to put its name down for July funding on Wednesday, as it was set to price a long seven year senior unsecured deal in euros.
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There was no summer slowdown in sight for FIG this week — it has been a busy few days for senior, with Australian banks printing sterling and euros and Banque Federative du Crédit Mutuel now in the market for a seven year. In capital, Rabobank has opened books on a euro denominated tier two deal, its first since September 2012.
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Commonwealth Bank of Australia printed a £300m three year floating rate note on Monday, taking advantage of strong investor demand to increase the deal’s size from its initial target of £250m and printing flat to its US dollar curve. -
Intesa Sanpaolo is buying back €1.493bn of euro and sterling denominated debt at cash prices of between 106.54 and 94.30, after investors tendered some 16% of the €14bn of bonds being targeted in the offer.
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French insurer CNP Assurances found more demand for a Reg S subordinated perpetual non-call six bond on Friday, having left books open overnight for Asian accounts. The trade also benefited from added European interest on Friday morning.
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A trio of Yankee banks broke the dollar FIG drought this week as investors returned to risk in the US high-grade market.
