Cartoon
-
There is little evidence that US corporate issuance in euros is crowding out local borrowers -
◆ Five-part debut draws more than €21bn of peak orders ◆ Uber offers diversification from hyperscaler-heavy US supply ◆ Issuer leaves concessions on table to secure size
-
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
-
◆ First euro deal for US manufacturing group since 2016 ◆ More than €7.4bn of peak demand backs three-part deal ◆ Attractive euro funding levels lure more US issuers
-
Looming political upheaval is putting pressure on French banks to pay up to pre-fund but recent deals show what is possible and at what price
-
Kevin Warsh's speech at Jackson Hole has pushed up borrowing costs for dollar issuers
-
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
-
◆ Fourth euro tier two offering in a row ◆ Doubts about French FIG demand dispelled ◆ Short non-call period appeals to other financial institutions
-
◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
-
Covered market provides 'the deepest pocket of demand' among FIG asset classes
-
Hyperscaler's record debut was a coup for the Aussie bond market, but such large trades risk crowding out smaller borrowers
-
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
