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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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Supply-starved investors have been quick to get involved in the first senior bond transactions in euros in nearly a month, with banks leaping back into the market this week following the summer holidays. -
The Philippines’ BDO Unibank is back in the dollar debt market less than a year after its last transaction, marking just the second offshore deal from the island nation this year.
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Westpac and UBS issued a combined €4.5bn of senior euro notes on Tuesday, in a test of investor demand after a quiet summer.
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BDO Unibank has mandated firms for a proposed dollar bond, marking a rare international debt offering from the Philippines this year.
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Hong Kong’s Sun Hung Kai & Co is courting investors this week for a new dollar bond offering.
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China Great Wall Asset Management stumbled into secondary trading late on Friday after its new dollar deal hit delays due to confusion over coupon payment dates.
