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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 European Banking Authority and the European Securities and Markets Authority have published a joint statement calling for a closer consideration of how retail ownership of debt could affect a bank resolution. -
Investors have been reducing their exposures to risk in financial markets this week, after Italian president Sergio Mattarella helped to set the country on a course towards fresh elections.
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Regional Japanese banks have been freed up to invest in loss-absorbing senior debt following new guidance on the regulatory treatment of TLAC holdings. The world's largest FIG borrowers will need to move into the yen market quickly to take full advantage of this new but huge source of investment for their bonds, writes Tyler Davies.
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Provident Financial issued a £250m five year senior bond that traded sharply higher in secondary after its launch on Wednesday, leaving market participants at odds about the pricing of the deal.
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Lloyds Banking Group sold its largest ever senior deal in the yen market this week, after a new ruling from the Japanese Financial Services Agency unlocked demand from regional banks in the country.
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China Merchants Bank’s Hong Kong branch managed to lock in a tight spread without sacrificing size on its $500m floating rate note on Wednesday.
