ING

ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads.

ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday.

Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.

Credit Suisse has become the first Swiss bank to issue a green bond in the euro market, and has also marketed a rare floating rate note. The trades were testament to improving market conditions and the ability for strong names to sell less common products.

Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.

Nordea Bank and Erste Group Bank were marketing preferred senior bonds on Wednesday, finding demand in the seven year part of the curve following a flurry of five year deals earlier this week.

Danske Bank was marketing a preferred senior bond on Tuesday, taking swift advantage of recent changes in Denmark that will allow banks to use these instruments to count towards their regulatory debt requirements.

Qatar National Bank issued its third bond of the year on Tuesday, pulling in $3.5bn of orders by the time it released guidance for a five year deal that affirmed the market access for the top tier names in emerging markets.

Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.

Rating: Baa1/A-/BBB

The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.

Corporate bond bankers expect May to be a blockbuster month, as syndicate officials say that coronavirus pandemic fatigue has set in and the market has stopped worrying about it.