Most recent/Bond comments/Ad
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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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Insurance firm Mapfre is planning to bring a subordinated bond to the euro market, after a week and a half of heavy supply in the senior format. -
Canadian Imperial Bank of Commerce paid up to tap a euro-denominated senior bond on Wednesday, getting ahead of regulations next month that will make all senior debt subject to bail in. Bank of Nova Scotia also took out over $1bn equivalent of funding in Australian dollars this week.
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More borrowers could look to the Euroyen format as a new funding tool in Japan, after BNP Paribas proved very popular with its offering of non-preferred senior notes this week.
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Banco de Sabadell appeared to struggle to get much traction in the euro market on Wednesday, when it offered the first unsecured bond from a Spanish bank in more than three months.
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BNP Paribas is marketing two tranches of non-preferred senior debt in Euroyen format, in what has been an impressive year for the market's supply of debt from foreign banks.
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Talk of the UK leaving the EU without a deal has given investors one more reason to shy away from supporting bond deals from the country's banks, during a busy period for new issuance.
