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Most recent/Bond comments/Ad
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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Dutch banks have moved one step closer to being able to issue non-preferred senior debt after the government made progress with the relevant legislation this week, but a spokesperson for the ministry of finance suggested that final implementation was not expected until the fourth quarter. -
French lender La Banque Postale came to the market on Wednesday with its second ever senior non-preferred deal, undeterred by the July 4 holiday in the US.
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Asia’s primary bond market has been deathly silent this week, slammed shut by a pair of public holidays and a gun-shy investor base. But borrowers continue to wait on the sidelines, ready to jump at any chance they can get.
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Euroclear Bank came to the market on Tuesday for €1bn of senior euro-denominated debt, in its first ever trade. Its notes were heavily subscribed.
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Novo Banco looked set to be able to place a tier two bond after announcing exchange offers from senior bondholders on Friday. But the Portuguese lender is beleaguered by investor protests as it seeks to complete a crucial stage on its path to becoming a normal bank. Jasper Cox reports.
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Hopes for a pick-up in bond issuance volumes in Asia were dashed this week as trade war fears between the US and China made investors risk averse.
