CEEMEA REPORT: All remains quiet in the primary

By Natalie RivettShare

9th June, 2025

Deals in Market Today

New Announcements and Market Wrap

Eid al-Adha celebrations continue and it is also Whit holiday in much of Europe, so it was always going to be a quiet start to the week. As it stands there are no CEEMEA deals and no new mandates, and overall, we are anticipating another modest week in terms of supply.

There remains just one mandate in the CEEMEA pipeline from last week, a small EUR60mn (exp.) RegS 4NC3 Senior Unsecured transaction from Estonia’s AS LHV Group (Baa3), to be launched soon, subject to market conditions. The securities are expected to be rated Baa3 by Moody's.

In terms of wider markets, European stocks are little changed, and it is a similar story for US stock futures after a healthy performance on Wall Street on Friday, where the Nasdaq climbed 1.2% and the S&P500 advanced 1% to break the 6000 level for the first time since February.

The dollar index remains under pressure, but bases for now at Thursday’s 98.35 higher low (above range base of 97.92-98.01, April 21-22) in the wake of Friday's NFPs beat of 139k (albeit softer revisions) and firmer than expected AHE earnings in May of 0.4% m/m, 3.9% y/y.

Meanwhile, bond yields are lower across the board and with the 10-year US yield down 2bp currently at 4.48% (reached 1-week highs of 4.51% on Friday, having bounced further from Thursday's 4-week low of 4.32%).

Investors are ultimately awaiting the trade talks between the US and China in London, with Treasury Secretary Bessent, Commerce Secretary Lutnick and Trade Representative Greer set to meet with Chinese officials led by Vice Premier He Lifeng. This gathering of heavyweights follows last week's Trump-initiated phone conversation with Chinese President Xi and raises hopes for some positive outcomes.

Away from trade discussions, there is some US data to digest as well on Monday afternoon, in the form of April final wholesale inventories (14GMT) and the NY Fed 1-year inflation expectations for May (15GMT).

Further ahead, markets will also have the US inflation report for May to digest on Wednesday - the expectation is for a slightly faster pace of price increases as companies pass along higher import duties. There is also the USD22bn auction of 30-year bonds on Thursday.

Pipeline

Date	Issuer	Ccy	Book Managers	Security	Description	Comps	At Ann.	Today
05-Jun	AS LHV Group	EUR	Erste	RegS	EUR60mn (exp) 4NC3 Senior Unsecured

IGM: Roadshow Calendar – EMEA

RECENT USD DEALS

Date	Issuer	Ccy	Amount (m)	Coupon	Maturity	Yield	Spread	IPTS to Pxd	Book size (m)	Coverage	NICs
03-Jun	QIB Sukuk	USD	750	4.803	12-06-2030	4.803	T+80	-37.5	1500	2.00
29-May	Boubyan Sukuk Limited	USD	500	4.973	05-06-2030	4.973	T+95	-25.0	1700	3.40
28-May	Sharjah Islamic Bank	USD	500	6.125	04-06-2031	6.125		-37.4	1000	2.00
28-May	MDGH Sukuk Limited	USD	1000	5.000	06-06-2035	5.097	T+60	-25.0	4750	4.75
27-May	Abu Dhabi Commercial Bank PJSC	USD	600	SOFR+100	10-06-2030			0.0
27-May	Saudi Arabian Oil Company	USD	1500	4.750	02-06-2030	4.833	T+80	-35.0
27-May	Saudi Arabian Oil Company	USD	1250	5.375	02-06-2035	5.394	T+95	-35.0
27-May	Saudi Arabian Oil Company	USD	2250	6.375	02-06-2055	6.509	T+155	-30.0
21-May	Republic of Turkey	USD	2000	7.250	29-05-2032	7.450	T+308.4	-30.0			15
21-May	MAR Finance LLC	USD	500	4.875	29-05-2030	4.916	T+80	-40.0
21-May	Endeavour Mining	USD	500	7.000	5NC2	7.250		-50.0

RECENT EUR DEALS

OTHER RECENT DEALS

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