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The company's curve has massively outperformed the South African sovereign this month -
Bonds, equities and even gold falling in recent weeks shows that all safe havens are fallable
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Explicitly guaranteed Dutch utility company expected to trade tighter against govvie and agency peers
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Higher prices and concessions mean many issuers will wait for better days
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A slow destruction of misallocated investment is more likely than a sudden stop
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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Investors more than willing to spread the love to other issuers despite hyperscaler's vast bond sale
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Enslaved by interest rate volatility, we are all rates traders now
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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
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A corner of the UK market has provided one of the few pain trades so far since war broke out in the Middle East
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Investors are rewarding Romania for trying to fix its fiscal problems
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◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
