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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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Financial institutions stretched the appetite of bond investors to breaking point this week, flooding the euro market with nearly €15bn of deals, which struggled to perform in secondary despite carrying large new issue concessions. -
Standard Chartered and Commonwealth Bank of Australia navigated tough conditions this week to print deals that boosted Yankee supply to its second best start to the year on record.
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While the euro primary market was running hot for financials this week, four banks also went to the sterling market for £1.625bn of senior funding, mainly concentrating on the shorter end of the curve.
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Ailled Irish Banks has announced a roadshow for its debut senior deal from its holding company. A resulting transaction would also be the first sub senior deal from an Irish lender.
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Swedish lender SEB was looking for sterling funding on Thursday, after a clutch of banks issued bonds in the currency on Wednesday. But amid bonds underperforming in the secondary market, the bank was unable to grow the order book much beyond the deal size of £250m.
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Goldman Sachs was offering investors a large new issue premium in exchange for 10 year euro funding on Thursday, as trading levels suffered under the weight of recent primary market supply.
