Location
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated -
The country will use all the money raised for liability management
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◆ First Reverse Yankee hybrid of 2026 ◆ €7bn peak book for euro tranche ◆ US issuers increase European market presence
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
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◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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The country is one of the highest regarded sovereign issuers on the continent
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The government has been much more proactive in its debt management since a scare in 2024
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◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
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Deal priced at 1% premium to Monday's close
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◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
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◆ Multiple times subscribed ◆ High quality interest ◆ SSA market open despite lunar new year and carnival holidays
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The sovereign rarely issues more than once a year on international markets
