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Established names are expected to lead in a market that will require higher concessions
◆ Airport operator lands second deal ◆ Higher yields driving higher demand ◆ Investors looking for yield over spread at longer tenors
Investor demand floods back into automotive credit after a troublesome year marked by US tariffs
A deluge of supply is expected once earnings blackout ends
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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
