Currencies
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◆ Issuer may be among final few before hiatus ◆ 'A strong outcome' for issuer ◆ Covered bond issuance has been making up lost ground -
◆ German supermarket chain brings three and seven year bonds ◆ Books keep growing even with guidance flat to fair value ◆ Volumes tipped to nosedive after this week
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◆ Italian bank came on the heels of Banco BPM deal ◆ Deal left 'some juice' to perform ◆ Rare issuer Klesia Prévoyance prints tier two
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◆ Largest deal and book sizes ◆ Strong demand for German SSAs ◆ Fairly priced after 2bp tightening
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Deal reflects ‘new paradigm’ in SSA market where spreads to US Treasuries grind ever tighter
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◆ Issuer has 'a long history' in tier two market ◆ Deal follows recent US CRE exit news ◆ Fair value 'tricky' as investor feedback sought
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◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
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The loan was provided by a triumvirate of banks
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◆ Thames Tideway Tunnel brings rare blue bond… ◆ …and a rare IG corporate sterling bond ◆ Deal lands with single digit concession
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◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
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Market still 'hot and busy' as borrowers line up
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◆ Subordinated bonds proliferate as ceasefire talks buoy investors ◆ Nomura follows BNP Paribas with dollar AT1 ◆ BPM compresses T2 spread as PBB prepares to refi
