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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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Contractual features aligning newly issued senior bonds with as yet unsigned rules on bail-ins are likely to prove popular in the coming months, as financial institutions look to accelerate their bond issuance for the minimum requirement for own funds and eligible liabilities (MREL). Tyler Davies reports. -
Lloyds Banking group had the dollar bond market to itself on Tuesday as it exploited the continuing strong appetite for short-end paper from investors.
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UK financial institutions have issued record volumes of debt so far in 2018, and there is likely to be plenty more to come, as issuers look ahead to the risks posed by the UK’s exit from the European Union.
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BBVA said it paid no new issue concession for a €1bn green bond it issued on Thursday, the largest in the format so far from a European bank.
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BBVA tightened in pricing by 15bp for its first offering from a bond framework aligned to the UN’s Sustainable Development Goals. It was able to take €1bn of funding for green assets, the largest such deal in the format by a European bank.
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Deutsche Bank is looking to shift up to $9.7bn of dollar-denominated debt from European issuance entities to its New York branch, as part of an effort to avoid being taxed more heavily under US president Donald Trump’s incoming tax reforms.
