Currencies
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Founder Matthew Moulding injects £60m while extending a term loan and revolver -
◆ Issuer strikes 'fine balance', prioritising size ◆ Pricing came in line with recent peers and KfW ◆ Have 10 year Länder bonds found their level?
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
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◆ Value versus domestic curve debated ◆ Scarce Nordic tier two supply helped trade ◆ Nordic names 'still performing during volatility'
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◆ Curves steepen in euros ◆ Issuers pull triggers as holiday-strewn calendar looms ◆ Single digit new issue concessions for most
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Subordinated deals make up a larger share of March's supply than usual
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
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North Rhine-Westphalia will get "a lot of legroom" to expand investments, treasurer says
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◆ MetLife returns to euros after January print ◆ Offers high single digit premium but comes flat to dollars ◆ BlackRock next with rare refi of its only non-dollar bond
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Eleven banks in deal, down from 13 last time
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◆ New euro deal more than 6.5 times subscribed ◆ Comes one trading day after a call and non-call decision on two dollar AT1s ◆ Visible new issue premium helps attract orders
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Half a dozen syndicated deals in euros and dollars to kickstart new week
