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Deals in the past fortnight have been solid but US Treasury yields are volatile and rising
The bank tightened a little more than a UAE peer did on Tuesday
The euro tranche is a refi of a bond maturing later in September
Data
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Investors have lots of cash and are eager for new issuance
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Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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2026's lead in issuance over 2025 has shrunk since the US-Iran war broke out
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Cost of printing a five year bond has fallen a long way since October
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The bank is considering bond issuance in currencies other than the euro
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◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
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