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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
◆ French borrower takes €1.15bn across two tranches ◆ Balance struck between size and price to keep investors onside ◆ Small concession offered
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◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
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◆ Second biggest Swiss deal from a foreign borrower ◆ Front end takes the largest bite ◆ International issuance in the currency surges in 2026
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◆ Books peak at over €5.1bn ◆ Deal Bosch's first since five tranche sale last May ◆Corporate issuers set to squeeze into Wednesday window
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Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
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◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out
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◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers
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