Euro
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German sub-sovereign trio failed to gain traction in a crowded primary market -
◆ Unrated by major agencies but no hindrance to issuance ◆ Demand reflects broader risk appetite ◆ Infrequent issuers access seen as key market test
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Investors say they want to be conservative on maturities as banks line up long dated deals
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Issuer grabbed window following EU syndication
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◆ Bankers unsurprised to see positive reception for French insurers ◆ Fair value debated ◆ Market backdrop played a role
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French biogas production services company aims to boost US expansion
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Book sizes shrink but borrowers still able to eliminate new issue concessions
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◆ The arrival of Piraeus and Bank of New Zealand shows 'investors are engaged' ◆ Greek issuer recently upgraded ◆ Bank of New Zealand returns to euros after five years
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After unsecured FIG issuance stopped entirely for 19 days in June subscription ratios have since shot up
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◆ Strong demand pushes new bank capital deals close to or even inside fair value ◆ Banco BPM brings new AT1 alongside tender ◆ ABN gets negative NIP on tier two
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Regulator decision crucial as Thames Water aims to become ‘investable’ as it faces mounting debt and investor hesitation
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'Timing was essential' in bringing a deal from the country amid ongoing political uncertainty
