EMEA
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Up to $221bn of external funding could flow from the region's banks -
◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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Borrower swaps £450m facility with £500m deal
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Investment firms JRJ Group, Trilantic Capital and BXR Group Holdings are the sellers
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
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There have been net outflows from European IG credit during just three weeks this year
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◆ €500m no-grow deal over three times covered ◆ Only 1bp premium paid ◆ Deal finishes CFF's funding for the year
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Company has begun pre-deal investor education to local and international investors on $1.5bn-$1.75bn IPO
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Confluence of factors leads investors to pile £1.5bn into book
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Company hits the bond market days after announcing organisational restructure
