EMEA
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UAE's largest ever construction IPO comes amid real estate boom -
◆ Belgian utility joins EuGB club ◆ Scentre tightens hard on €500m deal ◆ Primary market slows in anticipation of US shutdown volatility
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◆ New deal offers half the spread of the last one ◆ Investors pile into rare trade's book ◆ Pick up provided over govvies
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Investors from outside of the Middle East formed the majority of the book
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Sukuk from Egypt, priced on Tuesday, have proved just as popular in the secondary market as it was in syndication
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Santander Polska and Artea bankas secured comfortable oversubscriptions
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Senior banker joins from EIB
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◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025
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◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024
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◆ Peak orders enough to fill deal seven times ◆ Pricing through fair value ◆ Investors warming on Portugal
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers
