Euro
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Critics doubted the EU Green Bond Standard would catch on, but it is gaining new issuers and a following from investors -
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
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Regular green bond and social bond could come in rest of 2026, but likely no defence bond
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◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
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Swiss power company issues only five and seven year floaters
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◆ French supermarket chain extends curve to 2035 ◆ Deal lands through fair value ◆ SLB volumes slide despite 'flexibility'
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UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
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Japanese insurer is set to launch a novel two-part trade
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◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
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◆ Spread versus peers has been compressing ◆ Pricing close to fair value ◆ ADB used as main comparable
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Total €11bn already raised so far as issuer enjoys greater execution flexibility
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◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
