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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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BNP Paribas followed Société Générale into the senior non-preferred market on Thursday, fresh from issuing a blowout $750m additional tier one (AT1) earlier in the week. -
Principality Building Society has picked banks to arrange a roadshow for a new sterling-denominated senior unsecured bond, marking the issuer’s first visit to the market in any currency since before the financial crisis.
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Thailand’s Siam Commercial Bank is courting investors for a dollar bond, to be sold through its Cayman Islands branch, while China Minsheng Banking Corp is also marketing a transaction through its Hong Kong arm.
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Société Générale came to the market with two tranches of senior non-preferred debt on Wednesday, in its fourth offering of the asset class in euros.
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Additional tier one capital (AT1) yields have been squeezed to all-time lows in 2017 but bank debt investors were still eager this week to fill their stockings with the product in time for Christmas.
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ICBC Financial Leasing Co hit the dollar bond market on Wednesday with a dual-tranche transaction, returning a few months after its last international issuance.
