EMEA
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Half of the facility came from one investor -
Hacksaw expected to be last large June IPO after Novo Banco acquired by BPCE
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Senior bond market participants say Europe has once-in-a-generation chance to take a chunk of US hegemony
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Political instability means reducing deficits in CEE will be tough
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◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense
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◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’
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◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
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Delayed drawdowns are more common in private credit
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Nearly all subordinated issuance this year from the region has been in the AT1 sukuk format
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The difficulty of hitting the standard makes it a standard worth having
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BEH offers rare chance to buy non-sovereign Bulgarian debt
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◆ Insurer appears amid 'great' market ◆ New deal is seen offering no new issue premium ◆ Tier two capital 'appears' to be refinancing legacy perp, says CreditSights
