Euro
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◆ Triple-B pair each print no-grow €500m deals ◆ Technip Energies enjoys slim concession ◆ Clariant ends 14 year absence with large, sticky orderbooks -
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
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Premiums may not be at risk of increasing yet but caution should remain the watchword
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◆ Tightest UK bank tier two since 2021 ◆ Book holds despite tight levels ◆ Latest in recent flurry of FIG tier two issuance
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◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge
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◆ Solid book even though size not comparable to January ◆ Investor demand remains 'pretty robust' as June starts ◆ Maximum of 1bp premium paid
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◆ Spanish lender returns to unsecured issuance after three years ◆ Spanish banks are seizing a favourable funding environment ◆ Concession paid to keep selective investors interested
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◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals
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◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid
