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◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus
◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
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◆ Short-end offering a rare opportunity ◆ Issuer 'liquid' and 'well-liked' ◆ New issue concession estimated -
◆ Small deal, big book, limited NIP ◆ Spreads much tighter than before ◆ ‘Strong macro and fiscal results’ boost investor confidence
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◆ Backdrop improves for sovereign’s deal ◆ Strong book allows for more tightening ◆ ’Very broad engagement’ from investors a ‘nice thing to see’
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◆ WI Bank tests 10 year appetite ◆ Spread versus Hesse considered ◆ Mecklenburg-Western Pomerania goes 'close to bone'
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◆ Sovereign refreshes 15 year curve ◆ Biggest book ever for this tenor ◆ 'Very tight' premium paid, curve stability observed
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◆ KfW's Petra Wehlert and Mustafa Sari discuss transaction ◆ Issuer opts for CMU settlement for first time ◆ 'Bigger story' linked to de-dollarisation
Sub-sections
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
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