EMEA
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◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge -
The investment vehicle, led by BlackRock, will issue more bonds in future
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Poland's development bank has been trading tighter to the sovereign than usual of late
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◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals
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◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid
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◆ Head of treasury's Tiemo Wesseling on euro 2026 debut ◆ Fair value and greenium estimated ◆ Back-loaded funding programme
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The lender only put one investment bank on the mandate, a rarity in Turkey
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Inclusion of a variable rate instrument was not acceptable to official creditors
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Book coverage ratios have also risen as sentiment improves in CEEMEA bond market
