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◆ French defence company returns after three years ◆ Combined books peak near €4bn ◆ Higher order book attrition on longer leg
◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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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 -
◆ 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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◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January
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