Location
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Middle East turmoil is giving Asia-Pacific corporate borrowers another reason to look west -
◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway
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◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches
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Demand allowed the bank to cut the yield by 35bp
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The country offers huge potential and possible pitfalls for investors
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Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
