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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NIBC Bank issued its first ever bond transaction in sterling on Thursday after a dormant period for financial sector borrowers in the currency. -
A strong order book allowed ING to raise €1.5bn on Thursday with the euro leg of its first ever green holdco bond — a size that was twice as large as any other financial institution has so far achieved with an unsecured green transaction in the currency.
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ING is lining up its first ever sale of green bonds from its holding company, having made the unusual decision to sell a tranche of debt in dollars as well as euros.
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Aviva, the UK insurance company, began marketing a new senior deal with generous initial price thoughts on Tuesday, after a very quiet period for euro FIG issuance.
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There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.
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UBS tapped the Tokyo Pro-Bond market this week to raise ¥150bn ($1.33bn) of funding for its total loss absorbing capacity, at a time of little volume in the FIG euro market.
