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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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Barclays and Lloyds were marketing new senior offerings from their holding companies on Monday, having each already printed two transactions in the first week of 2018. -
Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.
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US insurers MetLife and New York Life joined seven Yankee bank borrowers in a blistering start to 2018 for the dollar market, despite a snow storm battering the East Coast of the US this week.
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Extreme weather conditions failed to prevent issuers from flocking to the US dollar bond market this week, with Yankee issuers getting off to a cracking start to the year.
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UBS raised €4.12bn equivalent of senior debt at operating company level across three tranches and two currencies on Thursday, while ABN Amro looked to tap its June 2022 sterling senior bond.
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BNP Paribas was in the market for its second non-preferred deal of the week on Thursday, ahead of what is expected to be a busy year for the asset class.
