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◆ Deal slotted into a quiet calendar ◆ Liquidity abundant after Terna’s blockbuster EuGB ◆ Fair value seen at mid-swaps plus 117bp
Company's bespoke financing will help fund growth
◆ Yorkshire Water markets two bonds at identical IPTs ◆ Tranches neck-and-neck through guidance ◆ Longer maturity ultimately tightened farthest
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◆ Books bulge for three year deal ◆ Sizes and new issue concessions reflect demand differences ◆ Trade comes amid major data dumps
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◆ European and US growth figures released during bookbuilding ◆ Demand proves decent for EDF ◆ Worries bubble up that market is not pricing in risk properly
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Conditions still favourable for CB issuers
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◆ Debut deal from Google owner ◆ Combined peak demand hits €31.5bn ◆ Curve steepens by 3bp during book building
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◆ TDC Net opens books after marketing last week ◆ Starting spread is widest of any deal for almost a year ◆ Harbour Energy out with junk rated hybrid
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◆ BBB- rated trades come days after investors said they wanted riskier deals ◆ Combined peak demand hits €8.2bn ◆ High orderbook attrition for Aeroporti di Roma’s SLB
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