Euro
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two -
Big books and negative concessions aplenty as pipeline looks thin
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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Logistics company book more than six times oversubscribed as investors snap up paper
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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Infrastructure tipped to be a busy market for debt this year
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◆ Investors not chasing last few basis points ◆ Minimal premium paid ◆ Caution on sterling paper
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◆ Issuer among tightest US insurance companies in euros ◆ Euro volume from the sector reviving ◆ Sterling market has been growing in diversity since 2020
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◆ Investors pour in €270bn of orders for new BTPs ◆ 10 year book a record for sovereigns ◆ Next up, Portugal
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◆ Second helping of French tier two on the day but no indigestion ◆ Spreads entice buyers ◆ The effect of 40bp of spread tightening on order book
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◆ Deal may have landed through fair value ◆ Green label lures ESG buyers ◆ ‘Everything working’ say sources
