Currencies
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Daimler Truck, APRR and Iren print as demand remains high despite volume -
◆ Deal attracts one of 2024’s largest SSA sterling books ◆ ‘EIB specific’ features helped book size and tightening ◆ Recent KfW bond served as main comp
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
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Commercial property company notches straightforward trade to quieten corporate sterling naysayers
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Rare deal formats capture strong investor attention as market backdrop remains rocky
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◆ Investor meetings began on Monday ◆ Deal grew amid interest from domestic and foreign accounts ◆ Set to price below 100bp
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◆ Issuer returns after seven months, leaves door open for another trade ◆ Tenor, pricing strategy carefully thought out ◆ French agencies test new tights to OATs
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In a strange dynamic, hybrid investors are now just as much at the mercy of rating agencies as issuers
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Investors chase 20 year-plus bonds but supply, rather than demand, is the question
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Investors react calmly to new hybrid ranking higher than old ones
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◆ Specialised lender issues first subordinated note in a decade ◆ Deal sees strong take up from investors as they find value ◆ GlobalCapital speaks to Aareal’s treasurer
