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Concessions climb as Middle East war rocks sentiment and Amazon redefines clearing levels
◆ Deutsche Post delivers €1.25bn over two tranches ◆ Some premium needed for defensive deal ◆ Deutsche Börse gets Monday's largest book
◆ Deal only the second ever Kangaroo hybrid ◆ Concession offered on all three tranches ◆ Verizon increasingly looking abroad for hybrid funding
◆ Corporate bond market fizzes with multi-tranche, multi-currency deals ◆ Marketing helps spur strong outcome ◆ Proceeds to fund coffee subsidiary spin-off
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Three tranche deals are increasingly common for issuers wanting size and duration -
◆ 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
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◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession
