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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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Three French banks were among six financial institutions selling unsecured bonds in the euro market on Monday morning, with BNP Paribas, BPCE and HSBC France raising €3.5bn between them. -
Intesa Sanpaolo was able to raise €1.25bn of senior funding at the long end of its maturity curve on Monday, despite being the first Italian bank to access the market following the result of the country’s recent general election.
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China Eastern Airlines Corp has raised ¥50bn ($468m) in Tokyo’s Pro-Bond market, breaking new ground in Japan with a standby letter of credit (SBLC) structure. Some bankers reckon the deal could be the first of many to come.
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The Philippines’ Rizal Commercial Banking Corp (RCBC) found tepid investor demand for its dollar transaction on Thursday, but managed to raise $300m from the bond.
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UK bank treasurers, facing Brexit uncertainty, incoming ring-fencing rules and the struggle to meet regulatory funding ratios now have another hurdle to consider: the refinancing of debt drawn under the Bank of England's Term Funding Scheme (TFS). Bill Thornhill looks at what will fill the finding gap.
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Rising uncertainty about the global macroeconomic outlook has been feeding into the financial institutions bond market in recent weeks, pushing new issue premiums higher and forcing investors to become more selective about the bonds they invest in.
