EMEA
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Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns -
◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
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◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week
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The new issue premium was around 5bp area
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Deal is only fourth accelerated sale in a quiet year for Saudi blocks
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◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size
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Issuer to fund €6bn-€7bn next year, will be active in January
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Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs
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◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors
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◆ Irish lender sets size at €1bn ◆ Minimal concession paid ◆ Bank is 'swimming in capital'
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◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid
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Market is particularly interesting for banks doing capital trades
