EMEA
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◆ Larger-than-expected green bond launched ◆ Issuer takes advantage of much calmer market this week ◆ Dollar benchmark could come before summer -
The project is now in build stage
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◆ €2bn printed out of larger €4bn needs this year ◆ Very tight spread to French govvie ◆ Rarity and sovereign guarantee attracted investors
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◆ Borrowers keep an eye on headline risk ◆ But trades land inside fair value ◆ Manchester Airport has blow-out debut
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Estonian lender Coop Pank could also make its covered debut on Thursday
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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Debt levels were far higher than reported under the previous government, as was the deficit
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The Italian payments company has maturities coming due in 2026 and 2027
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◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up
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◆ Risk sentiment extends nosedive ◆ Corporate issuers shrug it off, paying small to negative new issue concessions ◆ Orders remain sticky
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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Pfandbrief split across four tranches spanning 3.4 to 23.6 years
