EMEA
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◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance -
The company received its first credit rating this week
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◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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◆ German sub-sovereigns back in 10 year euros ◆ Fair pricing, good pick up over KfW ◆ First deal to price on day of terminal outage
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Another CEE trade from Hungary's development bank will also price on Wednesday
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The bank left the book open longer than planned due to problems with Bloomberg
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The company is 'very well run', said one buyer
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Fair value for a seven year has not changed much since February's trade, thought one banker
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
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Another Saudi bank brought an AT1 the day before, continuing the spree
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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The financing marks the bank’s first Islamic syndicated transaction in the international market
