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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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Goldman Sachs was able to take €1.5bn of funding out of the senior market on Wednesday in the first FIG deal of the week, taking advantage of a more benign secondary backdrop. -
There has been much fiercer competition for attention between banks and corporates in 2018, but things could get a whole lot worse in the second half of the year.
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Nonghyup Bank returned to the dollar market on Monday, making the most of an improvement in investor sentiment. The South Korean bank was able to price its new bond with little to no new issue premium.
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BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.
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The European Securities and Markets Authority on Monday issued fines to five banks from the Nordic region totalling €2.475m, for issuing credit ratings without having gained the necessary approval.
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FIG funding project after project has had to be postponed because of higher volatility levels in 2018, leading to a build-up in supply at the beginning of the summer break. With banks growing fearful of market overload, funding teams are thinking hard about whether August could be a window of opportunity after all. Tyler Davies reports.
