EMEA
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More Gulf banks, outside Saudi Arabia, are preparing subordinated bond issues this month -
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◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief
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◆ Investors offered identical deals at each end of the rating spectrum ◆ Sanofi appears to come flat to fair value ◆ Both get more demand for seven year tranches
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The energy and commodities company saw significant enough interest during syndication to increase deal size
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Fair value might in the low 200bp area over swaps
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New issue premium estimates at initial pricing ranged from 35bp to 55bp
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SES and coffee machine maker SEB marketing high spread trades
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The market is calm, said bankers and investors
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EIB, already 80%-funded for the full-year, will bring another dollar deal on Tuesday
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Half of the facility came from one investor
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Hacksaw expected to be last large June IPO after Novo Banco acquired by BPCE
