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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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Indonesia’s Federal International Finance raised $300m from its first dollar bond on Wednesday, managing to tighten pricing marginally despite investor pushback. -
Some investors are betting on UK bank debt to outperform the rest of the FIG market this year, despite the risks around the country’s departure from the European Union.
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Danske Bank had to postpone its inaugural sale of non-preferred senior debt this week, owing to technical issues with its bond documentation.
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Canadian banks will be able to issue debt to meet their total loss-absorbing capacity (TLAC) requirements from September, with issuers focused on the costs of what they expect will be an otherwise straightforward process of rolling over their maturing debt.
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Danske Bank has announced a mandate for a senior bond that will become non-preferred once Danish legislation comes into force. Nordea is also expecting to issue ahead of national law, but its debt would classify as non-preferred straight away.
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Sweeping US tax code reforms could have a big impact on banks with intermediate holding companies in the US, perhaps forcing them to fund from the IHCs directly, rather than from their parent companies.
