EMEA
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Rating changes to EFSF, French agencies yet to come, impact expected to be minimal -
Heavy local demand for dollar benchmark, but international appetite for AT1 may have improved
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The bank has only issued senior non-preferred bonds in the last three years
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◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints
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Demand supported by resurgent asset manager bid
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Other sovereigns can learn a lot from how Turkey navigates the public bond market
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Loans to sectors linked to government spending or regulation could be impacted
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Project financings have stood out so far this year
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Buy now, pay later pioneer finally floats after several tries
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◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
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◆ Whopping demand for Danish logistics group ◆ Deal lands comfortably inside fair value ◆ Green label helps execution
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◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular
