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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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Intesa Sanpaolo issued a €1bn senior bond on Thursday as it looked to get ahead of other banks, while its main competitor, UniCredit, considers doing more this year. -
National Australia Bank issued €2bn of new senior conventional and green notes on Wednesday with a simultaneous tender for existing short-dated debt that could inspire other banks in the euro market looking to make their maturity profiles more efficient.
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Berlin Hyp, Commerzbank and Deutsche Bank used this week’s supply window to launch the first three preferred senior deals out of Germany, which has only just legislated for issuance in the asset class.
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Belfius told investors on Thursday to expect a €500m deal size for its new five year senior bond, one of eight such deals in the euro market this week.
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Deutsche Bank opened books on its first ever preferred senior deal on Thursday, joining Berlin Hyp and Commerzbank in christening the product this week.
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On Thursday Intesa Sanpaolo become the first Italian bank to issue an unsecured bond since April, but it paid up to do so. It has led the way for the country’s banks in terms of issuance this year, having already printed both the first unsecured bond and the first covered bond since the general election.
