Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ 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
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FIG borrowers are holding back on placing new deals into an uncertain backdrop, but dealflow picked up in other sectors on Wednesday, which according to some syndicators may act as a precursor for bank issuance.
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Senior unsecured bank bonds have continued to drift wider this week. Institutional investors are staying on the sidelines rather than buying into a market that may still fall further and spoil their half year numbers. Fast money is behind the widening, said bankers.
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US dollar investors saw increased supply from UK banks in Q2, but the supply outlook is still bleak across currencies. Overall wholesale funding supply has reduced significantly, leaving capital the only hope for increased supply in Q3, according to the Bank of England’s quarterly liabilities report.
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Standard & Poor’s has pushed Banco Popular Espanol further into non-investment grade territory with a one-notch downgrade of its long-term counterparty rating. BPE received good feedback on a capital markets transaction roadshow earlier this month, but the widening market has scuppered any plans for a deal. -
Bank paper was showing more weakness on Monday, in line with most other capital markets. But syndicates say institutional investor trading has been limited and that the volatility is keeping both issuers and real money accounts away from the market.
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Swedbank has bought back just over €1bn equivalent of debt guaranteed by the Swedish government, in an attempt to retire the bulk of its GG debt left over from the financial crisis.
