Euro
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Upcoming rates decisions in four major economies create a fleeting issuance window -
◆ US consumer goods giant prints eight and 20 year paper ◆ Spread tightened more than 30bp on both legs ◆ More Reverse Yankees expected later this year
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No 'pronounced' pick up to Austrian national champion names expected
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◆ Choosing a window for three year euros ◆ Limited fast money interest was pleasing ◆ Aussie funding for euro issuer has improved
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‘Decent run’ for loan deals in Austria and CEE as IG names dominate deals in the pipeline for 2026
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No investors involved in Caffil's latest deal mentioned concerns over French risk
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Manufacturers and suppliers have been hit hard by costs and Chinese competition
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Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
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◆ No competition from similar Contact Energy ◆ Stedin seals larger than average spread move ◆ Investors left book as price ground tighter
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◆ Investors leap at chance to buy rare Kiwi corporate risk ◆ Green bond's price move surpasses expectations ◆ Pricing in euros 'competitive'
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Further long-dated SSA issuance is expected to be limited given funding requirements
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◆ Tightest SNP in euros since January 2022 ◆ 38% book attrition ◆ 'I'd rather be holding one of the best banks in the world'
