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Most recent/Bond comments/Ad
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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The long-standing boycott on investing in Portuguese bank debt has been noble, but it is unlikely to be effective. -
ING sold €1bn of new senior unsecured bonds out of its holding company on Tuesday, leaving a small new issue premium of about 5bp for investors.
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Investors continued to tuck into insurance debt this week, with two deals from German insurance groups, while Società Cattolica di Assicurazione joined the pipeline for its first deal compliant with Solvency II.
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Deutsche Bank was the only financial institution in the euro market on Thursday with a €1.25bn unsecured senior bond.
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Banco Sabadell came to the market on Wednesday with a benchmark euro transaction of senior unsecured debt.
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A number of funds said that they would have no part in Banco Comercial Português’ debut tier two bond sale this week, after they lost out in the Bank of Portgual’s controversial bail-in of Novo Banco bonds in 2015.
