Euro
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◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp -
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
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Company focuses on renewable energy and solar, wind and energy storage systems
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Market all but certain US rates will be on pause this week, while looking for clues for September
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◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply
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◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value
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Investors are unlikely to buy large new issues at the current tight spreads
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◆ Bund trades 'risk-off' amid tariff caution ◆ EGB secondary hindered by summer illiquidity ◆ SSA issuance expected via taps and MTNs
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◆ Order book lifts size to €600m ◆ Deal lands flat to fair value ◆ US credits enjoy brisk summer sales in Europe
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Appetite for long‑dated MTNs firm in quiet summer market, say bankers
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Hundreds of billions of euros of joint debt needs to be agreed upon before 2028, but many questions unanswered
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Budget induced volatility could push OATs above covered spreads across the curve
