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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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CMB International raised $250m from a three year floating rate note on Monday. Bankers and analysts were expecting the deal to reach $300m but despite a well-filled book, the borrower opted to limit its size ambitions. -
Banque Fédérative du Crédit Mutuel attracted more than €4.5bn of orders for a dual-tranche offering at the beginning of the week, as it joined ABN Amro and Westpac in pouncing on strong conditions in the euro senior unsecured market.
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BPCE was active in the Samurai market this week, selling ¥119.5bn ($1.08bn) of notes, the vast majority of which were in the senior non-preferred format and will be used to finance eligible social loans. The French bank is also drafting a new framework for green bonds and two types of social bond.
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CMB International and South Korea’s SK Innovation were taking bids for their dollar bonds on Monday, but despite the early start to the activity, debt bankers expect little else to follow.
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CCB Financial Leasing Corp sold the only dollar bond from Asia ex-Japan this week, raising $400m from a five year floating rate note on Thursday. But bankers and analysts said that the once robust demand for the format is already showing signs of decreasing.
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Banks and insurers look set to pounce upon any more stable market days over the coming weeks to print deals before they enter blackout periods and the summer shutdown. Several took that approach this week by bringing deals on Wednesday, which was US Independence Day.
