Currencies
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◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore? -
◆ €14.5bn deal largest ever from a corporate in the currency ◆ Investors pledge strong demand for all eight tranches ◆ Some pickup paid over Alphabet
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◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value
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◆ Last krona syndication conducted in 2021 ◆ Issuer presses ahead in pre-selected window despite war ◆ Foreign currency bond left to do in 2026
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Even leveraged deals still being underwritten, though banks are selective
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◆ French agency's first issue for almost a year ◆ 10 year tenor still open to issuers ◆ Tight spread over OATs
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◆ Second foreign FIG deal in Swissies since the start of Iran war ◆ Market offers quick execution despite uncertainty and volatility ◆ BPCE funds close to its euro level
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◆ Fast food firm leaves nothing on the table ◆ Trade extends McDonald's euro curve ◆ Reverse Yankees dominate euro IG corporate flow
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◆ Three companies bring no-grow €500m trades ◆ All deals got ample demand ◆ More supply lines up as the market reopens
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◆ Spread tightened by 'unusual' 5bp ◆ Win-win for all types of buyers ◆ Issuers advised to 'catch a window'
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◆ Borrower builds one of largest books ◆ Prices off own curve, govvie-style ◆ Typical 2bp tightening, but fair value ‘very much on the move’
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◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
