Issues
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Low IG rating no barrier to borrower on second day of full market issuance -
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
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UK lender dominated Wednesday's bond supply in UK currency
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Lowest new issue premium from a CEE borrower paid since Ukraine invasion
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Borrowers are maximising deal sizes, implying that they believe conditions will worsen
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While the IPO market remains frozen, there is a window for share sales and primary capital raising
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The bank continues run of departures in investment banking division
