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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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KEB Hana Bank sold its first dollar Formosa bond and only its second floating rate note post its merger on Thursday, raking in $350m. Ample liquidity in Taiwan and investors’ hunt for offshore assets buoyed the transaction. -
Sun Hung Kai & Co set a personal record this week, selling its largest dollar bond at its lowest coupon as private banks flocked to the unrated Hong Kong financial company.
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BBVA and CaixaBank tapped into strong demand for their first senior non-preferred bonds this week, and other Spanish names could join the party with national legislation for the instrument in place.
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