Euro
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Muted SSA market welcomes European pair -
◆ 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
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◆ Senior holdco deal one of largest order books of the year ◆ Only 10bp-15bp of concession needed to seal €1.25bn deal ◆ Despite the strong outcome, further supply is not a given
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Tight overall covered bond spreads mean that new issue premiums appear elevated, despite lower levels
