EMEA
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◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed -
SSA issuers extend their hot run in the private market, crowding into the short end of the curve
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The Polish bank secured the most orders for a CEE bank bond this year so far
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Fund established through a credit secondary sale focuses on senior secured loans for European private equity and corporate-backed businesses
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◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used
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Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns
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◆ 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
