Euro
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It’s who buys the bond, not how much they pay that counts -
Higher yields, through senior duration and capital, to support prefunding demand
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At least one issuer considers 10 year but spread dynamics could be off-putting
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Problems at BMW and VW weigh on the sector amid contagion worries
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Next three to four weeks key if issuers are to complete 2024 funding early
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◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding
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Knorr-Bremse, Grenke and Voestalpine market new trades after 50bp move
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◆ LCR eligibility attracts accounts ◆ Deal follows extensive roadshow ◆ Issuer plans to close spread gap to peers over time
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Moving Beko to independent funding sources freed up space for parent company to borrow domestically
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours
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◆ Issuer looking at long three or five years ◆ ESG label should be ‘helpful’ ◆ KHFC’s third public bond this year
