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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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Europe’s new-look senior debt is finally getting a name for itself, but it’s not necessarily the right one. -
HSBC printed its first deal following the terms of its sustainable development bond framework this week, raising $1bn of new senior debt in the dollar market.
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Spreads widened in the secondary market for financial institution bonds this week, crimping new supply, but senior offers on Thursday from Westpac and BNP Paribas were still able to get done.
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Lloyds Bank has priced the second largest deal in the Australian dollar market this year, bringing its annual funding in the currency to A$1.1bn. The deal followed a large A$1bn dual-tranche trade from HSBC last week.
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BNP Paribas came to the market on Thursday with a benchmark long 10 year senior non-preferred bond, its second deal in the format in eight days.
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Westpac was in the market on Thursday with a €500m green bond, in the same week as HSBC Holdings priced its first sustainable bond at a size of $1bn.
