Euro
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Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode -
A very different 2026 for Gulf issuance has altered league tables
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Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
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◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’
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◆ Pair more than 3.5 times covered at final terms ◆ Suez lands flat, Air France pays up ◆ Airline paper performs in secondary
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◆ French issuer prints two year floater and 7.4 year bond ◆ 'Tightest' pricing on a FRN since US-Iran war began ◆ No concession needed to print
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◆ French utility returns a week after A$1.25bn debut ◆ Six year tranche pulls stronger demand than 12 year ◆ Both legs land close to fair value
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Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer
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◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week
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While European companies lock in attractive euro funding through private placements
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Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June
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‘Notably better’ spread cements sovereign’s standing, thanks to triple-A rating and solid fiscal position
