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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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China Construction Bank and Shanghai Pudong Development Bank Co’s Hong Kong branch rolled out floating rate notes on Monday, grabbing both dollar and euro investors’ attention.
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The Philippines’ Security Bank Corp offered a decent premium over its domestic peer to woo investors to its $300m bond offering on Monday.
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BPCE brought out its first social bond from a relaunched sustainability framework on Monday, with proceeds targeting local economic development. It broke the record for the size of a social or green bond issued by a European bank.
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ING raised €3.5bn of senior debt from its holding company on Friday, having been met with a whopping €12.5bn of orders from investors.
