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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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Unipol Gruppo was unable to tighten pricing on its new senior unsecured deal on Monday, as financial institutions crowded the market with new transactions ahead of Thanksgiving. -
Union Bank of the Philippines launched its first international bond in 13 years on Tuesday, offering investors a bit of diversity in a day otherwise filled with Chinese issuers.
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Unipol Gruppo said on Monday that it was looking to sell its first senior unsecured deal since 2015, following a ‘disappointing’ year for issuance from European insurers.
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Sparebanken Vest and Tikehau Capital were both in the market for €300m senior deals on Monday, and Landsbankinn mandated banks for a deal with same size.
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China Jianyin Investment (JIC), an equity investment group, pushed through a triple-tranche, dual-currency bond on Thursday when many others struggled to find their feet. But it wasn’t all smooth sailing, with the issuer’s notes taking a hit in secondary.
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Chiyu Banking Corp and Orient Securities Co have mandated firms to run new dollar bond deals, with roadshows set to start on Monday.
