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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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Sampo, the Finnish insurance firm, brushed away the recent bout of volatility with a €500m issue of new senior bonds in the euro market on Tuesday. -
ANZ is lining up its first issue of a bond aligned to the UN Sustainable Development Goals (SDGs), following its debut green transaction in 2015.
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The European Central Bank (ECB) has said that bail-inable senior bank bonds cannot count as collateral, as part of changes tightening its eligiblity criteria. This could have a particular effect in Germany, where all senior bank bonds are statutorily subordinated.
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Financial institutions are likely to be cautious about jumping back into the primary market this week, after a recent sell off in equities and credit.
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Lincoln National showed the resilience of the US high-grade as it racked up a bumper order book and enjoyed tight pricing.
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South Korea’s Daegu Bank pulled off a bold $300m bond on Wednesday, choosing to price a deal with a generous new issue premium rather than delay the sale any further.
