Currencies
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◆ Deal may have landed through fair value ◆ Green label lures ESG buyers ◆ ‘Everything working’ say sources -
◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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◆ Italian firm attracts €7bn peak book ◆ Deal lands up to 20bp through govvies ◆ However, high single digit premium still needed
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Lufthansa's low rated hybrid gets less enthusiastic reception than Enel's but still garners ample demand
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◆ Rival bankers impressed by spread ◆ Negative premium debated ◆ Spread lands just 10bp shy of BNPP’s similar offering
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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Company wants to switch from coal to greener generation, in line with national plan
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals
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Company in tricky chemicals sector saw almost eight times demand
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◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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◆ Sterling market goes from busy to busier ◆ OeKB takes ‘decent book’ ◆ Agency looks to dollars next
