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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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Shrinking order books this week suggested that the financial institutions bond market was finally starting to cool off following an immense rally in 2017. But the developments have not prevented borrowers from printing tightly priced new deals in the primary market or lining up a number of exciting and unusual transactions for the coming sessions. -
ASR Nederland picked banks to arrange the sale of a restricted tier one (RT1) note in euros this week, becoming the first insurance firm to consider issuing the rare debt format in a core currency. Investors are hungry for more hybrid capital trades from European insurers, but market participants are unsure whether or not the first euro RT1 will pave the way for a glut of issuance. Tyler Davies reports.
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La Banque Postale was able to tighten pricing by over 10bp from initial price thoughts as it became the latest French name to issue in the senior non-preferred asset class.
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Sumitomo Mitsui Financial Group (SMFG) came to the market with a seven year senior unsecured bond on Wednesday to finance green projects, with Mizuho still in the pipeline for a green deal of its own.
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Iccrea Banca sold its second euro senior deal of 2017 on Wednesday, with Italian banks piling back into the primary market and eclipsing last year’s issuance volumes.
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Finland’s Aktia Bank sold a sub-benchmark three year floating rate deal on Wednesday, attracting attention despite competition from five other financial institutions in the euro market.
