Currencies
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'One can definitely see the attraction to investors,' says issuer -
◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios
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◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
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Arranging a cheap loan in return for lucrative ancillary business is a tougher sell
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◆ First tier two in euros after Aussie AT1 phaseout confirmation ◆ European investors like what they see, even at tight valuation ◆ Some disparity between primary and secondary markets
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Italian renewables company receives roaring demand during a tough week for the green agenda
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CEE borrowers offering dollar deals will find good demand, says one fund manager
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DMO has two more syndications left for this financial year
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◆ CDC times deal well ◆ Opec Fund attracts big book ◆ FMO benefits from early move
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◆ Hamburg Commercial Bank opts for price over size and prints tight ◆ Crédito Agrícola shakes off past struggles ◆ Italian specialised government agency drastically lowers funding cost
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◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book
