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Most recent/Bond comments/Ad
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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National Australia Bank found demand for €2bn of new senior notes on Wednesday, at the same time as offering to buy back €750m of old debt. -
A flurry of new issuance activity on Wednesday did not prevent Bank of Ireland from pricing its first senior deal from its holding company at a level that was close to the fair value implied by secondary market valuations.
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Rabobank welcomed huge demand on Wednesday for its first ever non-preferred senior bond, bringing a deal forward before the Netherlands has legislated for the asset class.
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Commerzbank was offering enough of a spread for its debut preferred senior deal to be able to tap into a deep pool of pent-up demand in the euro market on Tuesday.
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Swedbank was four times subscribed for a new five year senior deal on Monday, as banks filed back into the euro market before the traditional end of the summer period.
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German issuers have wasted little time in selling preferred senior debt, after regaining access to the funding product through a legislative change last month. Berlin Hyp reopened the market with a tightly priced but thinly subscribed deal on Monday, and Commerzbank is looking to follow close behind with a debut offering of its own.
