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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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The European Banking Authority has said that it will launch its 2018 EU-wide stress test on January 31, when it will also publish the common macroeconomic scenarios for the exercise. -
Financials credit investors signal that there could still be plenty of room left in the rally in the additional tier one bond market, which has had no let up for the best part of a year.
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Groupe BPCE has become the first European issuer to use an electronic order book in the Samurai market, making it easier for the bank to execute its deal while not putting off investors, according to those on the deal.
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Groupe BPCE drummed up €1.75bn of non-preferred senior funding on Monday, as part of a plan to issue €4bn-€5bn in the asset class this year.
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Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.
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Financial institutions have been making the most of extremely supportive conditions in global credit markets in 2018, with four banks printing bail-inable senior deals at very tight levels in euros this week.
