Euro
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IG spreads are still resilient but signs suggest macro headwinds are taking a toll -
◆ Second Swedish sub in a row to be priced with a spread below 200bp ◆ Market is strong but investors are price sensitive ◆ SEB pays higher NIP than Handelsbanken did
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Muted SSA market welcomes European pair
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◆ Sub sale sealed with single digit concession ◆ Strong demand paves way for more tier two trades to follow ◆ Proceeds could fund tier two call next year
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Bank debt capital is a hot commodity again across the globe. The AT1 layer, in its current form, has fulfilled its modus operandi
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Credit markets doing little to bridge huge funding gap for climate change adaptation
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Even those who had expected a soaring end to the year have doubts after zero issuance so far
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◆ Barclays’ bumper senior print proves euro market wide open ◆ US downgrade unsettles sentiment ◆ Dollars still the cheaper market
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Data centre companies will need to finance the expected vast new infrastructure
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Already more big deals than last year, but numbers pale against recent averages
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Issuance just shy at this point of most recent year with more than €320bn in bond sales
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A more benign backdrop tipped to entice riskier credits into trades
