Euro
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◆ Many factors drive strong demand ◆ Rarity aspect helps some issuers ◆ Pipeline loaded, say bankers -
Highly rated corporate paper in demand as investors seize chance at higher yields
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◆ Demand for Commerzbank deal less than expected ◆ 6bp-7bp of premium needed ◆ Senior unsecured supply glut eats up covered demand
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Expected end of rate rising cycle pushes up bid for well rated longer bonds
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A debut and rare unrated issuer brave a novelty-shy bond market
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Food sellers face sharp bond market fallout if state-mandated profit caps occur
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◆ Capped sales surpass expectations ◆ Fixed sizes could help as covered funders push out along the curve
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Banks alleviate funding costs and diversify buyers as money market funds emerge from banking crisis
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Investor diversification and duration lure issuers, but lower need for single currency and lack of arb will limit further issuance
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Demand swells for both deals as investors snap up undersupplied green paper
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Market thirsty for paper, though investors prefer defensive trades
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◆ Bigger bid for longer tranche surprises those eyeing inverted yield curve ◆ Why long dated FIG bonds are outperforming ◆ Issuer’s remaining funding plan outlined
