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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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Bank of China's Macau branch has raised a modest amount from a swift floating rate transaction to give investors comfort about the bond’s secondary performance. -
Natixis has made three senior appointments in Hong Kong to support its growing investment banking activities in Asia Pacific.
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Investors buying the bonds of banks must weigh up strong results and improved balance sheets with upcoming political flashpoints around the world. Meanwhile, supply has dried up along with the weather, but issuers could choose to beat the rush at the end of the month.
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Industrial Bank of Korea has sold its first social bond, but only after months of waiting for the market to calm.
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The Greek banking sector could receive European Central Bank monetary policy support once Greece has exited its bailout programme in August, according to a senior strategist.
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Nationwide Building Society paid a slim premium for $1bn of non-preferred senior bonds in callable format this week, as bankers tipped the dollar market as being open for business this summer.
