EMEA
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Maxima and České dráhy are prepping euro notes -
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Issuers of senior debt are under little pressure to print, and can wait
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◆ Issuer makes solo appearance in euro corporate bond market ◆ Spread tightened by 32bp ◆ Final pricing lands close to fair value
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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
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The US bank is reshuffling several roles in the Middle East
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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◆ Window was 'most important part of transaction' ◆ Fair value estimated ◆ Amount of spread tightening 'become more common'
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New issue premium was zero, agreed those on and off the deal
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Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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◆ Second public euro deal for Volvo this year ◆ Demand stays firm through pricing ◆ Small new issue premium spotted
