Issues
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The trade is the most raised by an EM sovereign in one day in nearly four years -
Issuers take in small concessions and big books, as bankers ask after long maturity trades
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Disappointing inflation numbers in December question the narrative of an easy recovery for the country’s ECM
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Books bulge for Eni and Schaeffler as investors pile in
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CEE financial institutions likely to be busy issuers again in 2024
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◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuers
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
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Packed market draws BP and Aercap as first Yankee issuers
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Serenity is the right reaction to a likely increase in the sovereign's borrowing
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Last year’s EMEA league table reveals a distinct Middle Eastern flavour, but Europe’s growing market share suggests the start of a market normalisation
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Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance
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Overall bond issuance to rise but most sovereign deals will be refinancing
