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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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HSBC was marketing a new offering of senior bonds in the dollar market on Tuesday, about a month after placing $6bn of debt into a potentially similar investor base. -
Industrial Bank of Korea mandated banks for a social bond issuance on Tuesday, viewing the product as a natural fit for the first transaction from its socially responsible bond framework. Meanwhile, ICBC Asia is looking to sell a new green deal.
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A move tighter in credit spreads was led by Italian banks on Monday morning, raising hopes that issuers will find room to navigate ‘tricky’ new issue conditions in the euro market this week.
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A sensible choice of maturity and new issue premium helped Svenska Handelsbanken find strong demand on Monday for its first sterling-denominated senior bond in more than two years.
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Danske Bank entered the market on Tuesday, selling $1.75bn of senior non-preferred debt across three tranches, in its third transaction in the format in the space of less than a month.
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TMB Bank, with support from the International Finance Corp (IFC), sold the first green bond from a Thai commercial bank on Tuesday, raising $60m.
