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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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China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak. -
Bank of America Merrill Lynch and JP Morgan made quick-fire returns to the dollar market this week and propelled dollar supply to its busiest month on record.
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Just Group, the UK insurer, met with very strong demand of more than £1.1bn for a £230m tier three bond in the sterling market on Thursday.
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Banco Santander brought out a 10 year tier two bond on Thursday on the back of announcing its full year results, at which it said it needed extra subordinated debt because of its acquisition of Banco Popular.
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First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.
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Chinese issuers are continuing to circumvent regulatory approval for offshore fundraising by going down the short-term note issuance route, with Zhongtai Securities becoming the latest name to hit the market.
