EMEA
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EM debt investors had largely expected a debt treatment would be required -
Listing timelines are slipping towards next year as economic uncertainty is making investors wary
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◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
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◆ 'More defensive' five year tenor works well ◆ Record non-German demand, central banks show hands ◆ Länder-KfW spread 'at a good place'
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◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
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◆ Austrian agency benefits from rarity ◆ Two five year deals go head to head ◆ Tighter spreads by all metrics
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◆ Dutch issuer refis 2027 call at lower coupon ◆ Books hold firm with only minimal attrition ◆ Recent hybrid deals met with strong demand and tight pricing
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US Treasury yields have jumped in the past week
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Kevin Warsh's speech at Jackson Hole has pushed up borrowing costs for dollar issuers
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Proceeds enable fund to buy 14-property portfolio as units fully placed in best efforts process
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Number of listings for the year doubles over eight weeks in summer as companies seek to access capital after Iran war disruption
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◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
