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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JP Morgan blew open the dollar market with the first big US bank trade in more than an month and its first since reporting third quarter earnings on October 12. -
Jyske Bank came to the market on Wednesday with its first senior non-preferred bond denominated in euros, as it seeks to transition away from senior preferred issuance to meet its minimum requirements for own funds and eligible liabilities (MREL).
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Crédit Agricole came to what one banker called an "apathetic" market on Wednesday with a senior preferred issue from its new green bond framework, but did not have to offer a large premium to sell €1bn of notes.
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Danish lender Jyske Bank announced a mandate for its first euro-denominated senior non-preferred bond on Tuesday, as it works towards replacing senior preferred debt for its minimum requirements for own funds and eligible liabilities (MREL).
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Commerzbank proved less popular than some of its peers with a new offering of short dated preferred senior debt this week, but the German lender was able to walk away from the euro market with €1.4bn of funding.
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HSBC Holdings took €2.25bn out of the euro market on Tuesday, raising funding to meet its total loss-absorbing capacity (TLAC) target. The bank recently sold bonds aligned with the UN’s Sustainable Development Goals, but switched to its green framework for one tranche in this week’s trade.
