Euro
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New name for the National Express attracts limp demand -
◆ Investors prefer larger names, but opportunities remain ◆ HCB and Sondrio return to euro senior market
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Each issuer offered much wider spread than core covered bonds and at least 10bp of premium to ensure successful execution
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◆ BNP Paribas sells longest senior euro note since July ◆ Slim 2bp-3bp concession needed ◆ Investors hungry for duration with accounts interest out to 30 years
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Deal priced in line with IPTs with no book updates
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◆ Favourable backdrop entices smaller issuers ◆ Spar Nord Bank seeks euro senior preferred debut ◆ Sondrio and HCOB ready prints of their own
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A debut in euros and first time green deal on the way
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European agencies to dominate week’s issuance with Fed and Bank of England in focus
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◆ How German deal demonstrates improving sentiment ◆ Paper from UK and Italian banks also popular ◆ Issuers urged to print as investors fall into line
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Despite frequent issuance, first green bonds from finance arm fly
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Tactic of bringing a ‘materially different’ transaction paid off
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Former National Express joins stream of new bond issuers
