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Issuers leave concessions on the table as investors look more closely at individual names
Merck & Co and Ecolab Inc raised a combined $11bn as they took advantage of strong investor demand and tight spreads
◆ Defence firm's first deal in 16 years could entice more to follow ◆ Strong bid fuels price move ◆ Hedge fund demand debated
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Measuring climate risk for repo haircuts will have no direct effect, but sends a message
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UK water companies rally as Cunliffe review promises seismic change
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Deal was wallcrossed over two days, launched on Thursday morning
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◆ United Utilities lands flat to fair value with rare green bond ◆ Southern Water draws book size over £3.75bn at peak ◆ Optimism regained in the troubled sector
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DCM changes follow Harding-Jones taking over IB business
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◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp
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