EMEA

Investors and bankers consider prospects for UK country's first bond issue

◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years

AFD's Thibaut Makarovsky discusses recent dollar deal

◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing

After a record 2024, Turkish corporate issuance slowed last year

The company has enjoyed two rating upgrades since its last sukuk issuance

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?

◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value

Demand well above expectations, given books opened on an FOMC rate decision day

Some price discovery needed due to sukuk format and long tenor