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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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Industrial and Commercial Bank of China’s London branch priced its dual-tranche floating rate notes (FRNs) at the expected levels on Thursday, but issuers in the pipeline may have a hard time to pull off the same feat. -
Zurich Insurance Company pulled off a long-dated bond deal on Wednesday, offering a limited new issue premium from the start for its first euro-denominated senior trade in four years.
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Aegon decided against coming to the market for its restricted tier one bond this week, after investors looked unlikely to agree with the coupon it wanted. And on Wednesday, ProCredit Holding pulled a trade after announcing initial price thoughts. Negative headlines continue to hurt issuers.
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CaixaBank and Commerzbank proved popular in the euro market this week, after timing their latest non-preferred senior debt sales to perfection.
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This week the Netherlands took a major step towards becoming the latest European country to introduce a law enabling banks to issue senior non-preferred debt. And earlier this month the UK government closed a consultation for its own law to introduce the instrument.
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Kookmin Bank issued the first sustainability bond from a South Korean financial institution on Tuesday, raising $300m from a deal that was covered more than six times.
