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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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Senior preferred valuations have been moving ever closer to those of covered bonds, making it difficult for issuers to decide which funding instrument to favour in recent weeks. -
CaixaBank set a spread of 95bp over mid-swaps on Thursday for a long five year senior non-preferred bond in euros, following on from BBVA’s €1.5bn debut in the instrument.
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Swedish banks were circling the euro market this week as preferred senior bond valuations touched on historic lows. SBAB Bank, Länsförsäkringar Bank (LF Bank) and Svenska Handelsbanken were all looking at new deals.
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KEB Hana Bank is selling its first-ever US dollar-denominated, dual-listed Formosa bond on Thursday, taking bids for floating rate bond with a five year tenor.
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Hong Kong financial investment firm Sun Hung Kai & Co is in the market with a guaranteed Reg S dollar bond, to be issued by a wholly-owned subsidiary.
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Spain's BBVA attracted over €5bn of demand and achieved a minimal new issue premium for its first senior non-preferred issuance on Wednesday.
