EMEA
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The Fed's meeting and Ramadan are slowing Gulf issuance in the second half of March -
◆ NN the first Friday deal in six weeks ◆ Investors hungry for undersupplied Dutch paper ◆ Book grows after spread set
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The company's decision to replace its facilities follows an investment grade rating and bond issue
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Separate listing planned for September
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Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets
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◆ Nineteen times covered books for €3bn of taps ◆ Shorter, older bonds replaced by long ones ◆ ‘Clever trade’ and ‘very precise pricing’ as a result
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◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market
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◆ Deal lands after lengthy roadshow ◆ Investors pledge over €1.15bn of orders for sub-benchmark print ◆ Single digit concession offered
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Issuer expects second deal of same maturity in the autumn, while funding needs may change
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The solar energy investment company slashes 30bp off part of its loan margin
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◆ A3 rated name opens wider than BBB euro debutant Galderma ◆ Rewarded with big, sticky book ◆ Attrition still clear in other trades
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◆ Borrowers pile into the market…◆ …but almost all only for small benchmark sizes ◆ Concessions still small as high demand battles low supply
