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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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Bankinter found plenty of demand for a new senior transaction on Wednesday, as the Spanish lender entered a strong market to refinance its only other outstanding senior bond. -
Crédit Agricole put out price thoughts for a non-preferred senior bond in the Euroyen market on Wednesday, getting the ball rolling on its third public debt offering in the space of a week.
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ICBC Financial Leasing Co pulled off an ultra-tight spread on both tranches of a $1.5bn bond. The issuer built a mammoth order book with generous initial guidance but ultimately pushed investors inside fair value estimates.
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Investors put in more than €6bn of orders for a new non-preferred senior bond from Crédit Agricole at the beginning of the week, after the French bank opened books on the longest dated deal of the year so far.
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Former Bank of China syndicate head Sebastian Ha has joined SPDB International as its head of fixed income.
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Financial institutions have accessed the dollar market with ease this week, but Yankee bank supply has nonetheless remained subdued.
