Most recent/Bond comments/Ad
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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After a near two year absence from the market, Allianz SE opened books on a new senior deal on Tuesday to kick off the supply of insurance debt in 2019. -
UniCredit came to the dollar market on Tuesday, looking to sell a public senior non-preferred bond after its large private placement a few months ago. The bank was thought to be offering a large premium.
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Guotai Junan International Holdings paid a premium over the curve of some of its Chinese brokerage peers for a $200m bond on Monday.
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Banque Fédérative du Crédit Mutuel and Société Générale came out on Monday with euro-denominated deals in the safest part of the unsecured capital stack, as issuers adjust to a pessimistic mood at the start of 2019.
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Danske Bank is looking to issue a senior non-preferred bond, giving primary market investors a chance to judge the institution after developments in a money laundering scandal have raised the prospect of it receiving a large fine from US authorities. Danske follows BNP Paribas, which paid up to print a new deal on Thursday.
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BNP Paribas has become the first European bank to put a callable non-preferred senior deal into the public market, after opening books on a new dollar deal on Thursday.
