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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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Crédit Mutuel Arkéa and Deutsche Pfandbriefbank were the latest European banks to take advantage of this week's calmer markets to raise senior preferred debt. -
Danske Bank is waiting until activist investor Bill Browder gives a press conference before deciding whether to proceed with the sale of a senior non-preferred bond. News of the conference derailed the deal on Wednesday, after final terms and a $3bn size had already been set.
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CaixaBank was testing the strength of appetite for riskier debt instruments in the euro market on Thursday, bringing the lowest rated deal from bank so far this year.
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Danske Bank offered its senior non-preferred bond to dollar investors on Wednesday, after UniCredit raised $3bn in the format the day before.
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Crédit Agricole paid a small premium to investors to launch a new short-dated floating rate note on Wednesday, adding to a flurry of senior trades from French banks at the start of the year.
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Around half of EU banks see pricing as a major constraint for issuing subordinated debt counting towards their minimum requirements for own funds and eligible liabilities (MREL), while analysts think funding costs will increase for capital instruments across the board, according to a survey released by the European Banking Authority this week.
