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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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Just Group, the UK life insurance firm, said on Monday that it was looking to sell a rare tier three bond in the sterling market. -
China Cinda Asset Management Co has mandated 12 global co-ordinators and an additional 11 bookrunners and lead managers for its upcoming senior dollar transaction, with investor meetings and calls scheduled over the next two days.
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Bank of China-backed BOC Aviation executed a nimble Reg S only trade on Thursday, snapping up $300m. With the deal, the issuer managed to compress its curve, and is now trading more than 10bp inside its stronger regional leasing peers and as much as 30bp tighter than some others.
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A series of US banks tapped the dollar market this week, but there was an overriding sense of disappointment as volumes failed to live up to expectations.
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Iccrea Banca, the central institution of Italian credit unions and savings banks, opened books on a short dated floating rate deal on Thursday, shortly after having had its credit ratings cut to speculative grade by Fitch.
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Bonds backed by standby letters of credit have fallen from grace, as tightening spreads in the dollar bond market and growing risk appetite among investors ensure that issuers can do without credit enhancement. Have SBLCs had their day in Asia? Addison Gong finds out.
