Euro
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◆ French real estate group prints seven year bond ◆ Covivio skips guidance and tightens spread sharply ◆ Investor selectivity returns as orders fall -
Takeover will increase the Hungarian bank's total assets by around 13%
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◆ Japanese financial services group's UK arm prints three year bond ◆ Orderbook falls as issuer prices 'very tightly' ◆ Week front-loaded ahead of ECB meeting
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New issue concessions have climbed since July began, hinting that the market's easy run may be ending
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◆ Only euro IG corporate deal on Monday ◆ Issuer slashes the spread and increases size ◆ Single digit concession spotted
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Spreads have tightened across asset classes amid an expected dearth of primary issuance until early August
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No SSA mandates were announced on Monday, leaving the euro primary market facing its first empty week of the year
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Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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'Dead quiet' few weeks will benefit issuers as excess bonds need absorption before issuance starts to ‘fire on all cylinders’ from August 17
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High yields are keeping investors interested for now
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SSA issuers increase focus on PPs amid quieter period for public markets
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◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
