Euro
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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity -
◆ Choice expected, but some predict dual-trancher ◆ Overlap of accounts targeted ◆ Eurofima dollar mandate
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◆ Issuer 'happy they got the deal done given current levels' ◆ Fair value debated ◆ €500m trade confirmed as 2026 prefunding
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◆ Demand peaks at 4.6 times deal size ◆ Spread tightened by 37bp from IPTs ◆ Second euro outing this year for RTE
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems?
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Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
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◆ Good reception for new bonds despite company profit downgrade ◆ Negative premium on all legs ◆ Longest maturity draws biggest book
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Recent euro tap lured big order book amid scarce supply
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Lenders believe year ahead may not be as robust unless event-driven M&A takes place
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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Major supranationals were also active last week in the private market in ESG-labelled and local currency bonds
