Euro
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‘Pragmatic’ approach from borrowers set to benefit upcoming wall of issuance -
Issuers could rush out early as autumn pitfalls loom
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◆ Austrian lender's biggest capital deal for more than five years ◆ Higher yielding offering piques investor interest ◆ Return to subordinated green issuance
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◆ Both issuers are linked to RBI Group ◆ Austrian bank prices with negative concession... ◆.... while RBI's Slovakian subsidiary pays premium for its largest deal in many years
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◆ Second longer dated French deal in a row ◆ Issuer parks at a double digit spread inside the government's curve ◆ Concession paid
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◆ French defence company returns after three years ◆ Combined books peak near €4bn ◆ Higher order book attrition on longer leg
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◆ Books sticky throughout execution ◆ Debut deal lands tight ◆ Commitment to single-A rating drives first time trade
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Issuer explains this week's pricing approach and how it weighed up size and price in the current spread environment
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Issuer already funded across the curve from five to 30 years in euros this year, reaches 80% target
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Automotive companies revive short-dated euro floater flow
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◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
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◆ Issuer pursues new objectives compared to previous holdco outing ◆ Investors increasingly bullish on Japanese credit ◆ Higher premium paid on long tranche
