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Most recent
Like many senior sukuk from the Gulf, local investors will drive demand
◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
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Danske Bank attracted impressive levels of demand for its debut green bond on Tuesday and managed to price the deal flat to fair value. Market participants said that green-specific accounts will have helped the transaction gain momentum, even if funds with environmental, social and governance (ESG) mandates are still smarting over the bank’s alleged involvement in a high profile money laundering scandal. -
UK banks have surfaced in the unsecured debt markets for the first time in about four months, buoyed by optimism about a series of crucial votes on Brexit in parliament next week. Experts suggest that the country’s financial institutions will have to get used to these sorts of narrow issuance windows, with the country yet to even start the most challenging stages of its exit from the European Union.
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Intesa Sanpaolo is set to return to Japan to sell a second series of securities in the Tokyo Pro-Bond market, after opening the market for the first time for Italian issuers in February 2018.
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Bank of China paid a visit to the euro bond market on Wednesday, raising €500m through its Paris branch. It was just the latest Chinese financial institution to fund in the currency.
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Deutsche Pfandbriefbank on Wednesday tapped a senior bond sold in January at a spread that was 8bp tighter than the original re-offer level. It appeared in a busy market, with New Zealand’s ASB Finance also selling senior debt in the euro market.
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Banque Fédérative du Crédit Mutuel looked to the long end with its first non-preferred senior bond on Wednesday, following the example Crédit Agricole set late last month.
