Currencies
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Deal reflects ‘new paradigm’ in SSA market where spreads to US Treasuries grind ever tighter -
◆ Issuer has 'a long history' in tier two market ◆ Deal follows recent US CRE exit news ◆ Fair value 'tricky' as investor feedback sought
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◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
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The loan was provided by a triumvirate of banks
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◆ Thames Tideway Tunnel brings rare blue bond… ◆ …and a rare IG corporate sterling bond ◆ Deal lands with single digit concession
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◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
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Market still 'hot and busy' as borrowers line up
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◆ Subordinated bonds proliferate as ceasefire talks buoy investors ◆ Nomura follows BNP Paribas with dollar AT1 ◆ BPM compresses T2 spread as PBB prepares to refi
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◆ Issuers brave Middle East war uncertainty ◆ CAF gets another big book ◆ IFC, JBIC return to fixed rate dollars
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◆ Long deal 3.4 times covered ◆ No concerns about pricing in busy market ◆ Pricing through OATs no problem
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◆ 'Impressive' result for Spanish bank ◆ Raiffeisen Hungary shows CEE appetite ◆ Ageas places short-dated sterling senior
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◆ Market's 'green light' buoys long end deal ◆ Sizeable books sticks together during pricing ◆ Attractive pick up offered to sub-sovereigns
