Currencies
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◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid -
◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
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◆ SSA pair go head-to-head in rare move in euro 10 years ◆ 'Not the norm', but made little difference ◆ Both deals very large and popular with investors
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◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession
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◆ Duo adds to ADB and DBJ 10 years from Tuesday ◆ Good sizes and quality books for both ◆ $7bn long-dated dollar bonds already sold, CAF still to come
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◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid
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Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
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◆ Cades and IADB both print July 2031 lines ◆ Secondary performance shows investor appetite ◆ Order books lower than earlier this week
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◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
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◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
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◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium
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◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession
