CEEMEA OPEN: IHS attracts over USD2.4bn in demand for dual-tranche issue

The Dollar Index has pulled back from a near two yr high of 107.064 to an early session low of 106.652 on Friday morning after Fed Governor Powell declared that there is no need to hurry rate cuts with the US economy doing so well.

Powell stated that the recent performance of the US economy has been "remarkably good", giving the Fed room to lower rates at a careful pace. The comments saw traders pare bets on a December FOMC rate cut.
USTs sold off, 2s by 6bp, 10s by 3-4bp leaving the curve flatter. 2s retraced Wednesday's buying.
Japan's economy grew at a decent Q/Q clip in Q3, beating expectations modestly, private consumption growth gained pace surging well past forecasts.
S&P futures fall 0.3% and Nasdaq contracts slide 0.5%.

Fresh in the CEEMEA Pipeline

Date	Issuer	Ccy	Book Managers	Security Description	Description	Comps	At Ann.	Today
14-Nov	IHS Holding Limited	USD	Citi, GS, RMB, SCB, JPM, ABSA, Access Bank, RBC, SB	Reg S	Launched: 1.2bn 5.5NC2 & 7NC3; bk 2.4bn+

On the Radar

IHS Holding Limited, rated B+ (Stable) / B+ (Stable) (S&P / Fitch), has now launched its USD1.2bn Reg S5.5NC2 dual-tranche Senior Unsecured pari passu to senior debt issue in the follow format:
- USD550mn 5.5NC2 (due May-2030) at 8.150% from 8.375%-8.500% guidance and 8.625% - 8.750% IPTs
- USD650mn 7NC3 (due November-2031) at 8.500% from 8.625%-8.750% guidance and 9% area IPTs.
- The deal has attracted over USD2.4bn in demand, excluding JLM interest and including USD170mn of IFI interest.
- IHS has mandated Citi, Goldman Sachs Bank Europe SE (B&D), Rand Merchant Bank, Standard Chartered Bank as Joint Global Coordinators and Bookrunners, J.P. Morgan as Joint Bookrunner and Absa, Access Bank, RBC Capital Markets, Standard Bank as Co-Managers.
- The issuer was last in the markets in November 2021, where it landed USD500mn each for a dual tranche that consisted of a 5NC2 (that priced at 5.750%) and a 7NC3 (that priced at 6.375%). The deal attracted a combined book size of USD2.7bn.

Priced Deals

What to watch on Friday

In CEEMEA, focus will be on the CNB’s publication of the November 7 rate meeting minutes and the monetary policy report (due 08GMT).
In the US, retail sales for October (13.30GMT) are forecast to show a 0.3% m/m expansion for the control group. Import prices and Empire November are due the same time. Former have been benign. October IP (14.15GMT) and September business inventories (15GMT) round out the week.
Central bankers expected to speak today include the Fed's Collins (14GMT & 15.30GMT) plus Williams (18.15GMT). From the ECB, Panetta (13.30GMT), Lane (15GMT) and Cipollone (15.15GMT).

Wider market Sentiment

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