EMEA

Corporate market remains wide open despite end of year looming

◆ French insurers offer the two most desired elements in FIG ◆ Deal prices with 10bp NIP and large oversubscription ◆ More subordinated issuance may follow as market is very strong

Little further issuance in CEEMEA primary is expected this year

German state intends to issue two or three deals before the summer

The Italian Ministry of Economy and Finance has cashed in on a dramatic rebound in MPS since its recapitalisation a year ago

Transition bonds continue to gain a foothold in ESG markets

Newly upgraded issuer follows up dollar outing with euro trade as issuers cram into market

UK landlord announced eight new acquisitions alongside strong first half results

◆ French insurer Coface prepares 10 year tier two bullet after Banco BPM restarts AT1s in euros ◆ Strong uptake for lower tier issuers' credits as they offer higher yield ◆ More investors now looking at subordinated debt

Investment grade companies have been a major driver of convertible issuance in 2023

Leads looked at recent European AT1 deals, but picked ADIB's summer trade as price comp

Austrian firm is the latest European company to turn to equity markets due to high cost of borrowing