JP Morgan
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day. -
Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.
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Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports.
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IDB Invest, the private sector arm of the Inter-American Development Bank, failed to set the market alight with its debut fixed rate benchmark bond on Wednesday. There were no book updates and the trade was priced at the same level as initial price thoughts.
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Two public sector borrowers rode out the tricky conditions in the dollar market on Wednesday to find good demand for new issues. US Treasury yields recorded sharp falls that were due to a range of factors, including the launch of a formal impeachment inquiry into US president Donald Trump.
