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Senior Debt

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The bank tightened a little more than a UAE peer did on Tuesday
◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
Hungary's change of government is still drawing in investors despite a difficult summer
Issuance from Turkey aside from the sovereign is down year-on-year, but not by much
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  • Siam Commercial Bank overcame concerns about Thailand’s political backdrop to print a $750m five year bond on April 2, managing to tighten guidance by 30bp in the first deal from the country this year.
  • First time dim sum issuer China Merchants Bank launched a three year offering on Thursday that will be capped at Rmb1bn ($162m).
  • MTN issuers have had a lot of grief updating their EMTN programmes this year as they deal with the impact of the changes to the EU Prospectus Directive, according to MTN dealers. But those who put in the effort will reap the rewards as investors are hunting structured notes.
  • Svenska Handelsbanken sold its debut Kangaroo bond on Wednesday morning, the first senior unsecured note in the format out of Scandinavia. Strong demand for the print could encourage deals from other Nordic issuers, according to bankers involved with the deal.
  • Crédit Agricole will sell its first senior unsecured Swiss franc deal of the year on Wednesday afternoon, with syndicate bankers involved with the deal confident that it will grow beyond its minimum size target.
  • Asia’s dollar bond investor were offered a rare chance to gain Thailand exposure on Wednesday after Siam Commercial Bank launched a five year deal, its first in two years, and the bond from the country since September.