Senior Debt

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  • Morgan Stanley taps busy Maple mart

    Morgan Stanley taps busy Maple mart

    Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.

  • Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.

  • Taper talk sets up delicate restart for FIG supply in September

    Taper talk sets up delicate restart for FIG supply in September

    The US Federal Reserve moved one step closer this week to signalling it will start to end its quantitative easing measures. FIG borrowers now face a nervous wait for the central bank’s next communication in late August, which will define the strength of market conditions ahead of a crucial issuance window in September.

  • Novo Banco buys back more than expected in legacy tender

    Novo Banco buys back more than expected in legacy tender

    Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).

  • Lloyds to reshape DCM as top bankers leave

    Lloyds to reshape DCM as top bankers leave

    Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.

  • Taper talk dominates ahead of Fed meet

    Taper talk dominates ahead of Fed meet

    Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.

  • Metro warns it could again fall below MREL requirements

    Metro warns it could again fall below MREL requirements

    Metro Bank said as part of its results on Wednesday that it was in danger of falling below its minimum requirements for own funds and eligible liabilities (MREL), following a big drop in its common equity tier one (CET1) ratio.

  • Carige flounders on market return amid uncertain future

    Carige flounders on market return amid uncertain future

    Banca Carige’s share price fell nearly 60% on Tuesday, after trading in its stock reopened for the first time in about two and a half years. Investors are concerned about the outlook for the Italian lender, which may need to raise €400m of capital if it cannot find a merger partner.

  • Barclays shakes up capital markets, M&A teams

    Barclays shakes up capital markets, M&A teams

    Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.

  • The UK risks missing an opportunity on MREL

    The UK risks missing an opportunity on MREL

    The Bank of England looks set to wrap up a review of the minimum requirements for own funds and eligible liabilities (MREL) without reconsidering its total asset threshold. That would be a mistake.

  • Banks expected to eschew early TLTRO repayments

    Banks expected to eschew early TLTRO repayments

    Market participants do not expect banks to repay their targeted longer-term refinancing operations (TLTROs) borrowings early when a window opens next month, though the primary market would retain plenty of capacity to swallow up any increased issuance.

  • Sampo reduces debt through senior tender

    Sampo reduces debt through senior tender

    Finnish insurer Sampo has bought back more euro-denominated senior bonds as it looks to reduce its leverage, though it failed to gain approval to redeem the remaining bonds ahead of their maturity.

  • ECB ends dividend ban ahead of stress test

    ECB ends dividend ban ahead of stress test

    The European Central Bank took another step towards normality last Friday as it announced that the dividend and share buyback restrictions for eurozone banks will end in late September, coming ahead of the publication of the supervisor's latest stress test later this week.

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