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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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Last week’s deals from BBVA and CaixaBank show just how much the Spanish banking sector is powering ahead of Italians in getting to grips with capital regulations. -
Senior preferred debt has never been cheaper for banks — and it has regulatory benefits as well. While funding teams rush to meet bail-in targets, there's a value in keeping the old asset class alive.
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Yorkshire Building Society picked banks to arrange the sale of a new benchmark tier two on Tuesday, as it looked to follow a popular new senior issue from Credit Suisse in the sterling market.
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Belfius Bank this week priced €750m of five year senior non-preferred bonds at 62bp over mid-swaps with the first Belgian deal in the instrument, while Lloyds issued a new senior from its holding company.
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China Minsheng Banking Corp has jumped into the debt market, opening a dual-tranche floating rate offering for dollar investors through its Hong Kong branch on Tuesday.
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Belfius has mandated banks to arrange its first non-preferred senior bond, with market participants expecting further debut deals out of Spain in the coming weeks.
