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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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Bank bond spreads tightened on Monday morning after a sell-off last week, with hopes that any gremlins will disappear in time for the primary market’s reopening in the coming weeks. -
UBS has issued $3.25bn of senior debt maturing just three months after pre-existing bonds that came onto the market in March.
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Those who took losses when the Single Resolution Board (SRB) put Banco Popular into resolution and approved its sale to Santander are lining up to dispute the decision — but lawyers are sceptical over whether the claims can succeed.
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Credit spreads flicked wider this week but bankers are confident the weakness will be short lived as demand for new bank bonds is expected to continue to outstrip supply in the second half of the year.
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Matthew Duff has left Lloyds to join the FIG syndicate team at BNP Paribas, replacing Jennie White.
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Aegon, the insurance firm, said on Thursday that it would raise senior debt in the third quarter of 2017 to pre-fund a €1bn capital injection into its Dutch unit.
