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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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Are Asian investors ready to embrace duration again? Oil India and Siam Commercial Bank (SCB) proved there is clear demand, rolling out a pair of 10 year bonds on Tuesday. SCB also added a five year tranche. -
Sydbank found a clear window for issuance in the euro market on Monday, when it racked up a solid set on orders on its return to the non-preferred senior bond format.
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Bank of China’s Hong Kong-based debt syndicate head Sebastian Ha is leaving the firm next month.
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US and regional banks took advantage of strong market conditions this week, but could not stop high-grade dollar FIG supply enduring its worst start to a year since 2016.
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KBC Group was able to approach fair value with a senior bond offering on Monday, as the positivity of the previous few sessions had encouraged less frequent issuers like it and Sydbank to try the market.
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Volkswagen Bank started its funding for 2019 with a hefty four tranche deal on Thursday that will contribute to its minimum requirement of own funds and eligible liabilities (MREL) when the German regulator decides what that should be.
