EMEA
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Treasury director Rodrigo Robledo says investor relations work has paid off -
◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
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The country has vast potential, but governance and conflict in the east are the two big headwinds
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Ivory Coast squeezed tight, taking $1.3bn in an 'aggressive' execution
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◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
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The country is one of the highest regarded sovereign issuers on the continent
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The government has been much more proactive in its debt management since a scare in 2024
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◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
