Europe
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Pandora, Grenke, Hochtief and Philips join the scrum -
Air Liquide, Enexis and Mondi slide through busy day with negligible premiums
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There was high book attrition, about 45%, between guidance and final pricing
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EPH tightened the spread by 30bp, something it was unable to do last year on a bond issue
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Austria, France and Portugal opt for the same window
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◆ Deal makes ‘a great story’ after previous senior offering struggled ◆ Investors are hungry for high beta Southern European bonds ◆ Attractive versus recent Nordea tier two
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◆ Portuguese insurer offers an ESG first ◆ ‘More scope’ for labelled perp capital from insurers than banks, says lead manager ◆ Investors liked ‘attractive outright level’
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IG corporates squeeze into the market with US names joining the fray
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No premium was needed due to a late influx of strong demand
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Appetite for Greek stocks remains strong, as investors are eager to play the country’s economic turnaround
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Initial pricing was one of the tightest starting points for a CEEMEA sovereign in dollars in the last 18 months
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The last senior deal beyond six years was in 2021, before Russia invaded Ukraine
