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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks
◆ Fourth largest deal from any corporate in euros ◆ Concession needed to lock in size ◆ Marketed alongside debut Canadian dollar trade
Volumes and concessions are set to skip higher, hand in hand
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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
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ 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
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Three tranche deals are increasingly common for issuers wanting size and duration
