EMEA
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Deal's concession came to just a few basis points -
The country is one of the most vulnerable in EM to energy price shocks
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Demand allowed the pan-African bank to tighten the yield by 50bp
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◆ Euro deal more than seven times subscribed ◆ New issue premium estimated ◆ Value versus OATs and Spanish agencies
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◆ Books peak at over €5.1bn ◆ Deal Bosch's first since five tranche sale last May ◆Corporate issuers set to squeeze into Wednesday window
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◆ Three syndicated OLOs raise sovereign a record €22bn ◆ Smaller book than last two, but “quality is definitely there” ◆ Usual pricing approach adopted
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Books were more than five times the deal size, which was capped
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◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"
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◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out
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◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
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◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers
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◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January
