Euro
-
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge -
◆ Three companies push through single tranche deals ◆ Vestas takes the biggest book of the trio ◆ Issuers cough up extra concessions
-
Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
-
◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore?
-
◆ €14.5bn deal largest ever from a corporate in the currency ◆ Investors pledge strong demand for all eight tranches ◆ Some pickup paid over Alphabet
-
◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value
-
Even leveraged deals still being underwritten, though banks are selective
-
◆ French agency's first issue for almost a year ◆ 10 year tenor still open to issuers ◆ Tight spread over OATs
-
◆ Fast food firm leaves nothing on the table ◆ Trade extends McDonald's euro curve ◆ Reverse Yankees dominate euro IG corporate flow
-
◆ Three companies bring no-grow €500m trades ◆ All deals got ample demand ◆ More supply lines up as the market reopens
-
◆ Borrower builds one of largest books ◆ Prices off own curve, govvie-style ◆ Typical 2bp tightening, but fair value ‘very much on the move’
-
◆ Two tranches in euros and one in sterling ◆ Combined peak books top €19bn ◆ Investors paid up with chunky sub/senior spreads
