Euro
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The lender has landed inside a recent QNB trade in euros -
◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
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Lower rates and ample cash reserves could drive deal momentum
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Strong demand for slim supply could tempt issuers to access the market before Christmas
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
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London-based hire will also work on financing for infra sector sponsors
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Orders five times the original deal drove size boost
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◆ UK telecom finds 'sweet spot' at seven year tenor ◆ Peak demand exceeds 4.5 times deal size ◆ Size increased on firm demand
