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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An unexpected euro trade with a generous new issue premium from Abbey National Treasury Services forced Credit Agricole to rethink its pricing strategy this week. The French bank brought its 10 year deal wider than initially planned to try to ensure secondary performance, but in the end, it was the size of its deal that drew criticism.
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ABN Amro sold six year Australian dollar debt on Tuesday, attracting interest in spite of a weaker Australian dollar, while Canadian Imperial Bank of Commerce (CIBC) followed up on the trade with a six year deal of its own on Thursday. While the currency has softened in recent weeks, higher yields mean that interest in Australian dollars has not completely died out.
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Canadian Imperial Bank of Commerce is set to become the first Canadian bank to issue a covered bond using the country’s new legislative framework after it mandated banks for what will most likely be a euro denominated transaction.
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Canadian Imperial Bank of Commerce is expected to sell its second Australian dollar deal of the year on Thursday.
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Crédit Agricole braved the market with a 10 year senior unsecured deal on Wednesday. The timing and the tenor surprised some syndicate bankers, but a 20bp premium helped secure smooth execution. -
Abbey National issued its longest-ever euro denominated senior unsecured bond on Tuesday, finding enough demand to increase the seven year deal from an initially planned €500m to €750m.
