EMEA
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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing -
Consortium of four banks provided financing with one bank new to deal
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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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◆ Issuer's second dollar bond in 2026 ◆ NWB’s deal from previous day was 'very helpful' ◆ Pricing was 1bp apart, perfectly normal
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◆ Sole IG corporate bond syndication of the day ◆ Less concession required than recent deals ◆ Central bank calendar starts to squeeze supply
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Borrowers from the Gulf region have a track record of remarkable primary market prints
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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Eight banks provided the loan, which can switch by lenders' consent
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◆ German industrial borrower prints €500m five year ◆ Issuer skips guidance on solid demand ◆ HLD Europe follows with a sub-benchmark six year
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◆ Rentenbank last sold a 10 year in 2023 ◆ IBB's book gains momentum after spread set ◆ NRW.Bank returns to sterling after 2.5 years
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Asian buyers are sensitive to geopolitical turmoil in the Middle East, but they do return
