Euro
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◆ Larger than average tranche sizes and price moves ◆ Encouraging sign for sterling issuance ◆ NIP debated -
‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
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◆ First in-life registrar and blockchain change ◆ Digital premium compresses from 10bp to 3bp ◆ Deal draws first international investor
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Benchmark issuance is running 13% ahead of last year
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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
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UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
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Issuer further advances year's funding, now funded $10bn of $12bn current target
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Issuers are trying to plot their way through a busy schedule of central bank meetings this month
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Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
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◆ Heavy coverage ratio and low attrition ◆ Investors attracted by extra spread versus KBC ◆ Adds more supply in heavy week for insurance capital
