US banks appease European investors with slew of senior

摘要

Three US banks attracted around €20bn of orders as they issued a combined €8.75bn of euro senior unsecured debt last week, underlining the clamour for paper among European investors. Goldman sachs drew orders over €9bn as it issued a €2bn five-year FRN and a €2bn 10-year fixed. That was despite pricing on the same day bank of America sold a €1.25bn July 2019 FRN and a €1.5bn July 2023 fixed, and following JP Morgan's €2bn January 2024 on Monday. "These are crazy books. It tells you how short of paper investors are and about the lack of supply expected out of Europe - everyone expects that European banks will not be borrowing," said one banker.