EMEA
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Deal is only fourth accelerated sale in a quiet year for Saudi blocks -
◆ 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
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Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs
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◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors
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◆ Irish lender sets size at €1bn ◆ Minimal concession paid ◆ Bank is 'swimming in capital'
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◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid
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Market is particularly interesting for banks doing capital trades
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◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names
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◆ €1bn note eoffered at 38bp over mid-swaps ◆Minimal new issue concession ◆ Senior spreads 'attractive' for issuers compared to covered bonds
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◆ Second EuGB bond for EDP this year ◆ Issuer 'left a few basis points to get the trade done' ◆ EDP to invest €12bn in renewable energy
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Company has offered the highest yields on Saudi Arabian new issues in the last few years
