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Most recent/Bond comments/Ad
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 paid a higher than average new issue premium for non-preferred senior this week, as the money laundering scandal surrounding the institution deepened with new investigations and supervisory actions. -
BBVA and Rabobank were both selling non-preferred senior bonds in euros on Wednesday, with investors showing a real thirst for new supply after a quiet start to the year.
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Santander Consumer Finance was about four times subscribed for a €1bn senior deal on Tuesday, with the euro primary market firing on all cylinders.
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OP Corporate Bank came with tight pricing for its first ever green bond on Tuesday. The Finnish lender took just two and a half hours to complete its trade, over three months after it first spoke with investors about a possible transaction.
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China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.
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Deutsche Bank has pulled about $5.25bn equivalent of non-preferred senior funding out of the market in the past two weeks, stomaching higher funding costs than some of its peers. The bank’s treasurer told GlobalCapital this week that it was prudent to step into the market now, with the issuer having cut through half of its target for loss-absorbing debt issuance in 2019.
