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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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Jyske Bank followed Danske Bank into the euro market for senior unsecured debt this week. But the product could soon become a rare sight in Denmark. -
Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.
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Nordea’s blowout additional tier one (AT1) offering on Tuesday took the instrument into unchartered waters in terms of pricing — beyond where some regular AT1 investors were willing to go. In covered bonds, supply-demand dynamics continue to favour issuers.
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Union Bank of the Philippines made diversification its focus in its return to the dollar debt market after a 13 year absence, netting $400m from a tightly priced offering.
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The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.
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Three European banks chose Tuesday to offer senior bonds as issuers took advantage of a period of market stability. Danske Bank and Landsbankinn HF both offered notes in euros, while National Australia Bank (NAB) issued in sterling.
