Euro

Issuer prices flat to secondary curve as investors chase Spanish agency bonds

◆ Bank sells its first public sector covered since July ◆ Deal lands flat to fair value ◆ Crédit Agricole diversifies away from the short end

Investors had their pick of unrated, smaller hybrid and sterling deals on day before ECB meeting

Average new issue premiums in May were lower than a month earlier even though a larger volume of bonds was priced

More than €5bn of debt printed, multiple deals tightening more than 30bp during bookbuilding

A slew of euro ESG deals hit the market from European and Canadian agencies

◆ Bankers away from mandate hail sale ◆ Issuer pays zero new issue premium on both legs ◆ Belfius extends green senior preferred curve

◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years

◆ French firm has issued €5.25bn of mortgager paper this year ◆ Little difference between mortgage-backed and public sector deals

US medtech firm sourced more than half of $4.2bn debt needed in the €1.8bn trade

◆ Issuer’s first deal since 2018 almost three times covered ◆ Up to 1bp of concession needed to seal market return ◆ OCBC priced inside Standard Chartered's debut

◆ Low beta issuers 'more challenging to sell' ◆ Investors turn cautious on FRNs ◆ New issue premiums 'will come back'