Weekly Covers
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The bank might not issue again for a while, but more Uzbek issuers are preparing trades -
◆ Rare deal unhindered by softer market open ◆ Single day execution and structure hit 'investor mindset' ◆ Real money buyers support pricing close to fair value
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Alternative sources of funding are offering competitive pricing
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◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities
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◆ Belgian utility joins EuGB club ◆ Scentre tightens hard on €500m deal ◆ Primary market slows in anticipation of US shutdown volatility
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◆ New deal offers half the spread of the last one ◆ Investors pile into rare trade's book ◆ Pick up provided over govvies
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Santander Polska and Artea bankas secured comfortable oversubscriptions
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Senior banker joins from EIB
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◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros
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◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024
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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
