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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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Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders. -
Yankee banks shunned the short end of the curve this week as they returned to the dollar market after reporting earnings.
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Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.
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Intesa Sanpaolo has overcome Japanese concerns about Italy to become the first ever Italian bank to sell a Tokyo Pro-Bond.
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Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.
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FIG syndicate bankers are advising issuers to get on with their capital and funding plans as quickly as possible in 2018.
