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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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Yorkshire Building Society announced a roadshow for a senior €500m no-grow trade on Monday, as Nationwide Building Society plans to take a much larger sum of senior notes out of the market. -
The better-than-expected performance of the Northern League and the Five Star Movement in Sunday’s Italian election provoked alarm but not panic in the FIG market. Issuance from the country is likely to slow down as politicians try to form an administration.
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Hiscox is gearing up to sell short five year funding in the sterling market this week, as new issue conditions have become increasingly volatile across currencies.
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Bank of China joined its Chinese peers to sell floating rate notes (FRNs) offshore, while Fantasia Holdings Group Co added to the momentum in the high beta property sector. The two finished off an incredible week for both financial and corporate borrowers from the Mainland.
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Lloyds Banking Group and Royal Bank of Scotland issued bonds this week, getting a mixed reception in the primary and secondary markets, while the Bank of England’s Term Funding Scheme (TFS) closed.
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Japanese heavyweights MUFG and Mizuho hit the US dollar bond market in size as volatility eased this week before Bank of America grabbed the spotlight with a $6bn deal to boost its regulatory capital buffers.
