Europe
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule -
Defaulting to dollars in volatile times denies the euro market the resilience it needs
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European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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Middle East conflict alarms investors, though money is still plentiful
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Inflation fears and rate volatility keep euro issuance at bay
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Better cost and less execution risk convince issuer to stay in euros, but at least one dollar benchmark to come this year
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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
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Consortium of four banks provided financing with one bank new to deal
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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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◆ Issuer's second dollar bond in 2026 ◆ NWB’s deal from previous day was 'very helpful' ◆ Pricing was 1bp apart, perfectly normal
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◆ Sole IG corporate bond syndication of the day ◆ Less concession required than recent deals ◆ Central bank calendar starts to squeeze supply
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
