EMEA
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Swiss commodities firm has deleveraged thanks to elevated free cash flow
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Record deals from across region even as Gulf borrowers extend public market hiatus
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◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
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Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin
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Sovereign praised for move to secure funding after volatility
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◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid
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◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
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◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
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Kuwait joins PP party
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The bank is capitalising on an investor base starved of CEE bank issuance
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The company is the only corporate issuer in North Africa, making it popular for investors