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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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South Korea’s KEB Hana Bank has locked up a dual-tranche sustainability bond at zero new issue premium, appealing to investors with its strong credit story and rarity value in the public dollar market. -
Citigroup opted to use the euro market on Tuesday for its first ever green bond, tapping into what looks to be strong investor demand for three year paper.
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South Korea’s Suhyup Bank returned to the international bond market on Tuesday after a near five year hiatus to raise $300m.
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KBC Group was able to approach fair value with its senior offering on Monday, as the positivity of the last few sessions encouraged less frequent issuers like it and Sydbank to try the market. Other banks not yet in blackout could take advantage of the window this week.
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BOC Aviation took advantage of upbeat market conditions to raise $500m from a quick drive-by transaction.
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Following a tough year for senior debt valuations in 2018, bank debt investors are becoming increasingly interested in taking up positions in this part of the capital structure.
