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Most recent/Bond comments/Ad
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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BNP Paribas and Berlin Hyp said on Monday that they were both looking at selling green senior unsecured bonds in the euro market, leaving as many as four financial institutions in the pipeline for new socially responsible deals. -
Hypo Noe surfaced with a €500m senior bond on Monday, having waited three weeks after the end of a roadshow before bringing the deal to euro investors.
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A break in the mood of negativity in the credit markets on Thursday brought out UBI Banca to issue its first senior non-preferred bond, in a deal sensitively managed to try to ensure secondary market performance. Other issuers are being urged to strike when they can rather than sit back.
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Moody’s trimmed its ratings for Barclays and Royal Bank of Scotland this week, citing concern about the impact that ring-fencing regulation could have on the banks’ creditors.
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Unione di Banche Italiane was looking to become just the second Italian lender to issue non-preferred debt on Thursday, and it was set to pay a hefty new issue concession.
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ABN Amro is preparing to sell its third green senior unsecured bond, joining Credit Suisse in the pipeline for socially responsible deals.
