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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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Dutch lawmakers have started working on legislation that will eventually allow the country’s banks to start issuing non-preferred senior bonds for the minimum requirement for own funds and eligible liabilities (MREL). -
Investors’ appetite for additional tier one (AT1) bonds is unlikely to diminish next year, while senior non-preferred issuance will come from new jurisdictions. Meanwhile, covered bond investors do not expect spreads to widen, and securitization investors are attracted to high yields.
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Industrial and Commercial Bank of China opened books for a dual-tranche floating rate dollar bond on Wednesday, to be sold through its London branch.
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LBBW came to the market with its first green bond on Tuesday, hoping to reach new investors. It plans to issue at least one to two benchmark green trades a year in the senior unsecured or covered format.
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Lloyds is set to follow Santander in selling Samurai bonds this week, as European banks look to the yen market as a funding base for loss-absorbing debt.
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UBS wrapped up its total funding for 2017 with a $4.3bn trade that cemented a record year for dollar FIG supply.
