Europe
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Political stability and banks' recovery has created a constructive market for ECM -
Week starts with a high beta tone as issuers prepare to cram into a short window
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Slovenian bank drew one of the biggest FIG order books in CEE in the past year
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The biggest IPO of 2024 so far in Europe has delivered a welcome bounce in the aftermarket
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Spreads to tighten further as yield grab drives BTPs towards pre-2008 spreads to Bunds
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Higher than average issuance in first quarter augurs slim pickings ahead
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Downgrade of bank’s unsecured ratings is unlikely to lead to further repricing of other German issuers’ covered bonds
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Bank must accept a perfect deal may not be possible while it has Russia exposure
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The bank was boosted by a benign Fed meeting and a successful deal from Poland this week
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The German cosmetics retailer fell over 7% below its IPO price on the first day of trading
