Euro
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◆ Five euro firms issue sub-benchmark size ◆ Hella deal rips tighter in secondary ◆ Niche and rate names offer further supply -
Volvo, Nykredit and Achmea Bank bring chunky euro FRNs, while Hong Kong dollar issuance continues apace
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◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
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◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
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◆ New bond priced before state election, far-right AfD leads polls ◆ JLM orders help carry deal across finishing line ◆ 'Fair' pick-up over Bunds but KfW spread ‘relatively tight’
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◆ Henkel raises €1bn across two tranches ◆ Publicis affiliate draws more than €2bn for €500m ◆ Both deals land with small premiums
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◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
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◆ Landesbank increases senior market presence ◆ Slower demand due to limited familiarity beyond Germany-speaking investors ◆ Similar execution to other recent 'rich' SP bonds
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Investors have plenty of supply to choose from as issuance ramps up
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◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
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◆ Bloc confirms 30 year demand ◆ Both tranches priced off own curve, 2bp NIP paid ◆ One new line left to open in 2026
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◆ Swiss pharma group goes long with 12 year bond ◆ Order book holds steady through pricing ◆ Bankers spot low teens concession
