EMEA
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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows -
◆ Peak demand tops 10.6 times the deal size ◆ Orders stay glued in after sharp tightening ◆ Issuer tenders outstanding hybrids alongside new bond
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◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
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The bank is the largest in the country and a close proxy for investors to the government
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Public sector issuance is expected to resume at pace this week
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◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value
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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
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The subordinated debt premium was smaller than that offered by some other EM hybrid issuers
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At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
