Issues
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Under-supplied unsecured products work well after issuance and execution slowed down from too much volume -
Marquee issuers bring well received deals, as borrowers and investors learn lessons from 2022
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Credit Ag and UniCredit AG built big order books
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Borrowers likely to opt for bespoke credit structures while banks struggle with onerous capital requirements
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Manager closed $1.4bn debut fund in early 2022 and was anticipating full deployment by year-end
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Low IG rating no barrier to borrower on second day of full market issuance
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Twenty year tranche draws the most orders
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The region will continue to generate large IPOs despite its mixed recent track record
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With investors expected to absorb more than €4.5bn of supply on Wednesday, issuance in the first week of January will top €15bn
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KfW and BNG were out with euro issuance, while EIB opened books on a dollar bond and others added to sterling supply
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Size and spread close to what was possible in euros
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Spanish lender, which chose not to call an AT1 last year, lured strong investor demand
