EMEA
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The reaction was so benign that a small bank printed an AT1 this week -
No sign of an issuance drought in hot market
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◆ Deal eight times subscribed ◆ Spread cut to mid swaps plus 120bp ◆ Investors flush with cash amid scant supply
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German company has been actively acquiring and divesting real estate since late 2024
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◆ €500m bond six times subscribed ◆ Only 1bp off NRW's recent five year ◆ Tenor, yield, timing all attractive
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Up to 30bp new issue premium offered at initial pricing disappeared
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◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par
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Swiss real estate firm's stock has risen 65% this year
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BBVA and ENBD learnt of change when IPTs were put out
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Gulf lenders continue subordinated issuance spree with fresh SNB deal
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◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp
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The sovereign also issued one of the longest date deals from a CEEMEA sovereign this year
