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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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UBS was looking to sell short-dated senior bonds in the dollar market on Monday, as banks began the week by selling defensive trades. But the pipeline is stocked with riskier deals in the run-up to the end of the year. -
Bank of Communications Co’s Hong Kong branch is in the market with a two-part floating rate transaction, going head to head with peer China Construction Bank, which is also taking bids for a new bond.
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China Construction Bank Corp launched a triple-tranche dollar deal on Monday through its Hong Kong branch.
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Macquarie and JP Morgan had the market to themselves this week, as dollar supply slowed to a trickle ahead of the Thanksgiving holiday in the US. But Yankee banks could help to increase deal flow in the run up to Christmas.
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The financial institutions bond market is set to welcome two more debut offerings in the coming weeks, with Banco Comercial Português (BCP) lining up its first tier two deal and LBBW choosing banks to arrange its inaugural green senior bond.
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The financial institutions bond market showed "discipline" this week, said market participants, with investors refusing to pile into every new deal amid a flurry of supply.
