Currencies
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◆ Good reception for new bonds despite company profit downgrade ◆ Negative premium on all legs ◆ Longest maturity draws biggest book -
Recent euro tap lured big order book amid scarce supply
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Lenders believe year ahead may not be as robust unless event-driven M&A takes place
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◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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Major supranationals were also active last week in the private market in ESG-labelled and local currency bonds
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The lender has landed inside a recent QNB trade in euros
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◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
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Lower rates and ample cash reserves could drive deal momentum
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◆ Buyers flock to water credits ◆ Dual-trancher lands at the tight end of guidance ◆ Books hold at £3.1bn at final terms
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
