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◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value
Banks accept some deals will bypass them — others they can intermediate
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce -
Sustainable finance chief leaves Nomura for opportunity in fast-growing region enthusiastic to cut emissions
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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Three tranche deals are increasingly common for issuers wanting size and duration
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This year’s expected surge in IPOs and M&A deals should drive a proliferation of strategic equity derivative transactions, with $2bn of fees up for grabs
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◆ Three issuers across the A-rated spectrum ◆ L’Oréal brings the biggest deal at €1.75bn ◆ Edenred and APRR print €500m no-grows
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