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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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SpareBank 1 SMN diverged from its typical issuance format on Thursday to fill a gap in its funding curve, ahead of clarification over how Norwegian banks will meet minimum requirement for own funds and eligible liabilities (MREL). -
Industrial and Commercial Bank of China closed a $1.5bn three tranche deal through its New York branch on Wednesday, finally closing the 10 year bond sale it hoped to do last year.
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Chinese issuers have seen bond prices ebb and flow in recent weeks, as the market prepared for and then reacted to the Chinese sovereign’s $2bn issuance last week. The deal caused a massive price tightening across Asia, but the dive in credit spreads proved short-lived. Morgan Davis and Addison Gong report.
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SpareBank 1 SMN has mandated for a sub-benchmark three year floating rate note deal, making a change from SpareBank’s typical deal format.
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Bonds issued by Italy’s most prominent banks surged in value on Wednesday, after S&P upgraded the credit ratings of 11 of the country’s financial institutions.
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Green investors piled into Swedbank’s €500m senior offering, grinding the spread to the tightest level for a five year fixed senior bond since the financial crisis. Elsewhere, the covered market remained strong in secondary, while securitization investors are set to make a judgement on UK credit.
