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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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Though the European Central Bank’s October 26 meeting has been very well talked about as the point at which it could start to step back from buying bonds, FIG investors remain focused on other issues. -
French banks have been frequenting the Samurai market all year, and the latest trade from Banque Fédérative du Crédit Mutuel (BFCM) this week offered Japanese accounts a rare chance to invest in the senior preferred format.
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Bank of Montreal (BMO) opened books on its first senior deal in sterling in nearly four years on Tuesday, having been very active in the capital markets in recent sessions.
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HSBC came to the market on Monday with a €1.5bn six year non-call five floating rate note ahead of what is expected to be a quieter October.
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EU officials from various institutions are pushing to complete the ‘third pillar’ of the Banking Union, despite strong opposition from a number of public and private stakeholders.
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In a draft review of bank recovery and resolution directive (BRRD) this week, Swedish MEP Gunnar Hökmark pushed to ‘ensure that the level of subordinated debt that resolution authorities impose on banks in the EU is not higher than that required by the total loss-absorbing capacity (TLAC) term sheet.
