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◆ Books grow during pricing ◆ Geopolitical volatility does not derail hybrid deal ◆ Trade prices through fair value, tight to senior
◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value
◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce -
Three tranche deals are increasingly common for issuers wanting size and duration
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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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◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid
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◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
