Euro
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◆ UMG takes €1bn with first public trade in three years ◆ Trade punches through fair value ◆ Investors not concerned by AI or M&A -
◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
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◆ French rail group skips guidance after books top €4.5bn ◆ Issuer tightens spread sharply and increases deal size ◆ Hybrid format helps strengthen IG rating
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◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus
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◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker
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◆ Larger than average tranche sizes and price moves ◆ Encouraging sign for sterling issuance ◆ NIP debated
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‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
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◆ First in-life registrar and blockchain change ◆ Digital premium compresses from 10bp to 3bp ◆ Deal draws first international investor
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Benchmark issuance is running 13% ahead of last year
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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
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UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
