Most recent/Bond comments/Ad
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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National Australia Bank (NAB) was said to have “fallen between the cracks” this week when a €500m seven year deal appeared to find the limit of investors’ demand for tightly priced senior bonds.
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Risks including regulation, monetary tightening and the rise of the senior preferred asset class are touted as threats to the covered bond market. But participants on the opening panel of the Euromoney/ECBC Covered Bond Congress remained relatively unfazed. -
Bank of America was looking to issue floating rate notes in an undersupplied part of the curve on Thursday, fresh from a funding splurge in the dollar market.
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ECBC speakers lauded the global popularity of ‘very trendy’ covered bonds, while general secretary Luca Bertalot evoked Christopher Columbus as a model for the European market.
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Extendable maturity covered bonds are looked on more favourably by issuers and rating agencies than they used to be. But some think issuers should have limited power to extend maturities at their discretion.
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Italy’s Banco BPM and the Netherlands’ de Volksbank have said they are looking at selling inaugural bond transactions in the public market since undergoing major changes in the way they operate, as the pipeline for new deals continued to grow this week.
