EMEA
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Issuer expects second deal of same maturity in the autumn, while funding needs may change -
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
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The sovereign has raised more than £59bn from syndications in this financial year
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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
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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
