Currencies
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◆ Strong appetite for sub-benchmark pair ◆ Julius Baer issues in dollars after no replacement of Swiss franc AT1 last year ◆ Iceland’s Landsbankinn debuts in international AT1 market -
◆ Limited attrition and premium deemed success ◆ Issuer offered ‘something a bit different’ on busy day ◆ New bond aimed at early refinancing
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◆ French leasing company Ayvens limits book attrition ◆ Signs other FIG issuers ‘becoming less aggressive’ when pricing ◆ BNP Paribas adopted similar strategy
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◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating
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◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm
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The company is believed to have added three institutions to its lending roster of relationship banks
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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The Swiss company’s refinancing has support from more than 30 banks
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Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade
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Almost one in five euro benchmarks have been tightened by a double digit spread this year
