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Development bank's credit ratings suffered a blow after Russia's invasion of Ukraine
Books were nearly three times the issue size
◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years
After a record 2024, Turkish corporate issuance slowed last year
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The US shutdown has not stopped deals, but its end may make primary even better
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The trade was a little smaller than last year's debut, but has another social label
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Debut benchmark deal draws book over €2.6bn
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Demand for the Turkish bank's deal was about three times the issue size
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The country finished international funding this week with a €2bn trade
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It has added three year loans to the autumn round after bringing them back in the spring