EMEA
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◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average -
CEEMEA market enjoyed a monster week of issuance in January's first four trading days
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◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan
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They contributed to a monster week for CEEMEA issuance
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Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
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◆ Front-end and belly of dollar curve working ◆ Big order books ◆ Landed close to other recent trades
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◆ Southern European duo steals Thursday's show ◆ Italy grabs unbelievable €20bn ◆ Portugal compresses Bund spread to decades-tight
