Issues
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Three issuers price euro covered bonds in a market that ‘remains in very good shape’ as bank treasuries drive demand for seven to eight year paper -
◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left
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French equity capital market reopens with first block trade of the year
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Borrower hits screens despite mayhem at its holding company
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Longest senior IG corporate bond of year so far 10 times subscribed
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◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debt
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◆ JPM, WF and MS break single day self-led FIG record with $23bn funding ◆ BofA prepares $5bn Thursday deal as GS and Citi’s anticipated supply expected to break January record ◆ BFCM’s $1bn is sole FIG Yankee
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Banks push longer and tighter but investors keep coming back for more
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Companies should explore 15 year bonds and longer after rates expectations turned upward this week
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Steep rise in hybrid yields makes companies look for ways out of replacement obligation
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US, UK and eurozone inflation all rose in December, but bump in road won't change direction of travel for equity issuance
