EMEA
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The bank secured a small funding arbitrage compared to dollars -
Large loans expected to help meet sizeable capex needs
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◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
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◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
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◆ Summer trade rewarded peak orders of five times deal size ◆ Deal lands through fair value at 33bp over mid-swaps ◆ Euro IG credit spreads reach new tights
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Company looking to become a frequent face Down Under
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Middle East borrowers are looking at Asian currencies after a Formosa drive this year
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More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near
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New issue premiums to be small or negative
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SLL issuance is down this year but the decrease has narrowed, helped by June and July issuance
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After two weeks of snoozing, the market is about to kick off its boots and get running
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Deal is the second largest syndicated loan for a CEEMEA sovereign in euros this year
