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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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A day after announcing results, Morgan Stanley came to the euro market on Wednesday with two tranches of senior debt bringing the bank’s total issuance in the currency so far this year to €6.25bn. -
China Development Bank Financial Leasing Co priced its 5.5 and 10 year bonds inside its curve on Tuesday, amid a busy day for Asia’s primary bond market.
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ASR Nederland completed the first sale of restricted tier one (RT1) capital in a major currency last week but the deal has remained very popular in the secondary market, with buyers praising the new structure’s investor-friendly qualities.
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Syndicates clashed over the execution of a Coventry Building Society senior bond offering on Tuesday. Bankers away from the deal said the UK firm started ‘extremely cheap’ at initial price thoughts, but a lead manager believed the notes tightening by 1bp in the secondary market on Wednesday morning showed that the deal was priced correctly.
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Berlin Hyp has become the latest FIG issuer to enter the green senior unsecured market in euros, after Sumitomo Mitsui Financial Group (SMFG) and Mizuho Financial Group opened up issuance from Japan earlier this month.
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China Construction Bank Corp closed its first Singapore dollar bond on Monday, taking advantage of the thriving local currency market in southeast Asia.
