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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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Two German insurance groups, Talanx and Allianz, came to the market on Tuesday with €2.75bn of new bond deals. -
ING was selling 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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China Construction Bank Corp and Bank of Communications Co snapped up investors on Monday when they offered up multiple tranches of floating rate dollar bonds through their Hong Kong branches.
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The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.
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Indian infrastructure finance company Power Finance Corp is taking bids for a benchmark 10 year green dollar bond, returning to the international debt market after an absence of two decades.
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The surge in dollar bond issuance from Asia ex-Japan continued unabated at the tail end of last week, with three issuers selling $1.1bn of deals on Friday.
