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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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European banks took advantage of US bank earnings blackout to print trades amid robust demand from investors this week. -
Deals from Santander Consumer Finance and Crédit Mutuel Arkéa helped to take the volume of senior unsecured issuance in the five year maturity to more than €10bn following the summer break.
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This week Royal Bank of Canada became the first bank to issue a senior bond complying with the country’s new bail-in regime. It paid a 10bp-12bp premium over the legacy senior curve.
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Crédit Mutuel Arkéa was limited to raising €500m of senior funding on Thursday, in its first deal of the year.
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Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive.
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Three more credit default swap contracts are referencing non-preferred senior bonds following the latest roll of the iTraxx indices, as bank debt investors try to deal with a gradual transition towards a bail-in regime in Europe.
