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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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ANZ New Zealand issued debt in the middle part of the maturity curve this week, as rising rates in the Swiss franc market made deals with this sort of tenor more attractive to issuers. -
Nordea Bank issued a four year floating rate deal on Wednesday, in the first unsecured trade from a Swedish bank since the country’s regulator laid out institutions’ needs for the minimum requirement for own funds and eligible liabilities (MREL).
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ING said on Wednesday that the 'Basel IV' reforms could push up its risk-weighted asset base by 15%-18%. This might lead the bank to increase and front-load its TLAC issuance.
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Indiabulls Housing Finance brought the first social offshore rupee bond to the market on Tuesday, raising Rp3.15bn ($49.48m) through a private placement.
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Rabobank has priced a Rmb500m ($79m) offshore renminbi bond, taking advantage of a favourable CNH cross-currency swap rate. But despite the gradual pick-up in dim sum activity, the market is divided over whether the asset class will maintain its momentum.
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India’s Yes Bank raised $600m in its first offshore bond sale on Monday, as it makes international strides through its new banking unit.
