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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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Malaysia’s RHB Bank ended its dollar bond market hiatus on Tuesday, offering a $300m bond that got big demand despite its ultra-tight pricing. -
Société Générale attracted close to €5.5bn orders for a tightly priced new non-preferred senior deal in euros on Tuesday, when it also began marketing two more tranches of loss-absorbing debt in the increasingly popular Euroyen format.
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Bankers and investors are expecting lower volumes of non-preferred senior issuance for 2019, with the majority of issuers looking at the asset class tending to be smaller and infrequent users of capital markets.
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Deutsche Pfandbriefbank made light work of a preferred senior bond sale on Thursday, having returned to the euro market after failing at its first attempt at debuting in the asset class, earlier in January. With issuance conditions still improving, DCM bankers expect more banks to take advantage of a deal window at the beginning of February.
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Abundant supply, a diverse crop of issuers and some rare long-tenor deals characterised Asia’s bond market ahead of the week-long Chinese New Year holiday, setting the stage for a positive February. Addison Gong reports.
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Argenta Spaarbank wasted little time in the process of selling its first senior unsecured bond on Wednesday, as the Belgian bank rode a strong tone in the euro market to raise €500m of funding.
