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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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Principality Building Society was marketing its first senior unsecured deal in more than a decade in the sterling market on Thursday, as Sainsbury’s Bank opened books on its first ever subordinated bond transaction. -
Bank of China's Paris branch raised almost $1.5bn across three currencies and tranches on Wednesday, marking the fifth offshore green bond from China this year. Concord New Energy had contrasting success and pulled out of a planned deal.
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China Jianyin Investment (JIC), an equity investment group, launched a euro-dollar combo transaction on Thursday morning, its first international debt offering.
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Banco Santander is preparing to sell its non-preferred senior bonds in the public yen market, with pricing expected in early December.
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Some weaker days in the secondary market have focused minds on market conditions going into the final weeks of trading for the year. But investors are still lapping up covered bonds.
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Union Bank of the Philippines is getting ready to offer international investors some variety as it sets the stage for its first dollar bond since 2004.
