Currencies
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Hyperscaler earnings could become a crucial date for issuance funding calendars -
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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After the frenzy of the primary market in January, there is still optimism that SSAs can draw big demand
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With billions of funding to be done, it will serve hyperscalers well to be less ambiguous
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◆ Deal is the tightest ever Greek AT1 ◆ Book peaked more than €5.5bn ◆ Market 'just ridiculous', says lead manager
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◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade
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Eight banks provided loan facility to company
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◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year
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International interest for German paper has grown
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ESM priced new €2.5bn 10 year at flat to EIB
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◆ Issuer returns after Swiss franc debut on Monday ◆ Spread tightened 40bp–45bp from IPTs ◆ New issue premium debated
