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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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Deutsche Pfandbriefbank said on Monday that it was looking to sell new non-preferred senior bonds, as it looked to ‘reserve a slot’ in what is expected to be a busy market for new issuance this week. -
Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.
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Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.
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Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.
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Íslandsbanki issued a six year non-call five senior deal in the euro market on Friday, as La Mondiale opened books on a sub-benchmark callable deal.
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UniCredit has become the first Italian bank to sell a non-preferred senior bond, clearing the path for further issuance out of the country.
