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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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The dollar FIG market took a breather after recording the busiest July on record amid red-hot market conditions. -
Canara Bank priced a $400m five year senior bond on Thursday, marking the second dollar deal from an Indian bank in a week.
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With the Bank of England’s Term Funding Scheme (TFS) coming to an end, UK financial institutions could look to increase their presence in the sterling bond market.
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Canara Bank is offering investors starved of paper from India’s FIG sector something to feast on, marketing a senior five year bond on Thursday.
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Axis Bank became the first Indian financial institution to offer a bond to US investors this year, sealing $500m on Tuesday and leveraging its rarity value to price inside its existing curve.
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Senior and subordinated bank debt spreads have been grinding relentlessly tighter again this week but, with a summer of scant supply ahead, investors can see no clear reason to shed their positions yet.
