Euro
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Fresh issuance expected to keep new issue premiums elevated -
◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
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Treasury director Rodrigo Robledo says investor relations work has paid off
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◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
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◆ 'No investor pushback' at tight spread over govvies ◆ Tenor was longest possible ◆ Private placement opportunities
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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
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◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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◆ First Reverse Yankee hybrid of 2026 ◆ €7bn peak book for euro tranche ◆ US issuers increase European market presence
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
