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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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Improved investor confidence in Italy has been conducive to issuance, although some trades remain domestically focused. -
Canara Bank raised an additional $200m after tapping an outstanding bond on Wednesday, bringing the total size of its August 2022 note to $600m.
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ABN Amro came to the sterling market for the fourth time this year, issuing a £450m senior deal at a spread of 80bp over Glits.
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Covered bond investors had a rare opportunity to buy higher yielding debt this week with a trio of transactions offered across the credit spectrum from sub-investment grade to triple-A.
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India’s Canara Bank opened a tap on its existing 2022s on Wednesday, looking to add to the $400m deal.
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Mizuho Financial Group came to the market with a bond financing green projects on Tuesday, becoming the second Japanese bank to do a green euro deal in two weeks.
