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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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KEB Hana Bank raised $315m from a five year floating rate note in the Formosa market on Thursday, selling the bond with no new issue premium thanks to strong support from Taiwanese investors. -
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Lukewarm demand for recent floating rate notes, and their underperformance in the secondary market, has raised a key question for Asian issuers: are investors falling out of love with dollar floaters? Morgan Davis finds out.
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State Bank of India is finally courting investors for its maiden green bond, which has been planned for more than a year.
