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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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Berlin Hyp is set to become the first German bank to sell a preferred senior bond after issuers regained their access to the funding tool through recent legislative changes. -
Fears about the Turkish exposures of European banks have done little to distract fixed income investors from a brewing crisis in Italy. They may even have sharpened focus on the scale of the problems facing the country.
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Ålandsbanken, a small bank headquartered in the Åland Islands, an autonomous region in Finland, is seeking to launch its first public sale of a senior bond as part of a drive towards meeting its minimum requirement for own funds and eligible liabilities (MREL).
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US financial firms, including Prudential Financial and Wells Fargo, raised plenty of funds and capital in the first half of the week. One of them, Discover Bank, could encourage other banks to use a callable structure when issuing tier two.
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European banks have taken full advantage of a window for issuance after second quarter results, with Lloyds Banking Group becoming the latest name to test the depth of the dollar market in the middle of summer.
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American Express set the pace in a front-loaded week for financial institution bond issuance in the US, as it took home $2.35bn ahead of the latest meeting of the Federal Open Market Committee.
