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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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The sterling bond market was alive with bank issuance ahead of a Bank of England meeting this week, with Metro Bank testing investor appetite with a debut, unrated tier two deal. -
Investors with a green mandate flocked to KBC Bank’s first green senior unsecured transaction, which was more than three times subscribed and priced flat to its curve.
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Nordea followed the path Danske Bank took a few weeks ago by turning to Swedish kronor for senior non-preferred debt on Tuesday, soon after its inaugural euro transaction in the instrument.
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De Volksbank began the process of selling its second issuance of senior bonds supply in the financial institutions bond market this week.
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