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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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Banca Carige’s decision this week to postpone the sale of a tier two bond is just one example of the chaos in the FIG bond market, as confounding market conditions wreak havoc with issuers’ funding and capital plans. Tyler Davies reports. -
AIA Group wrapped up a swift deal during New York hours on Tuesday, taking advantage of the ample liquidity in the US market and investors’ appetite for longer tenors. The life insurance company’s $500m deal outperformed most recent trades — both in the primary and secondary markets.
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Financial institutions bond bankers have said that they would happily see a slowdown in the pace of new bond supply, which has been weighing heavily on secondary valuations in recent weeks.
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US insurance giant American International Group was rewarded for novelty value as it provided a mixture of senior and hybrid notes to help finance its $5.56bn acquisition of Validus.
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Whatever the Italian politicians who form the next government say or do, it is in Brussels and Frankfurt where the fate of Banca Carige and its ilk lies.
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Canadian insurance holding company Fairfax Financial Holdings issued a eurobond for the first time on Thursday, taking advantage of more favourable market conditions.
