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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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Korea’s Kookmin Bank is eyeing a return to the dollar bond market, meeting with investors this week to gauge interest in a senior deal. -
Aegon became the first financial institution to price a fixed-rate senior trade with a negative yield this week, attracting strong demand from European money market funds for the €500m one year senior deal.
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China Great Wall Asset Management attempted to reopen the Asian dollar debt market on Thursday with a triple tranche offering after a typhoon shutdown the market on Wednesday.
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Mitsubishi UFJ Financial Group has picked its own investment bank and Morgan Stanley to arrange the sale of its first ever holding company level senior bond in the euro market.
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A lack of supply in the summer months has helped to extend an already impressive rally in the bank bond market, leaving cash-rich investors hungry for a wave of new supply.
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Aegon has picked ABN Amro and JP Morgan to arrange the sale of a €500m one year senior bond, a deal which has been designed to help the Dutch insurance firm funnel capital into one of its weakest subsidiaries.
