Euro
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The sovereign returned with a sizeable structured note
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◆ Hong Kong rail operator takes size with three tranche trade ◆ Tight spreads achieved across all legs ◆ Deal offers rare exposure to Hong Kong-based corporates in euros
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◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead
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◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day
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◆ Issuer builds curve out to 2033s in euros ◆ Seven year 'ticked a lot of boxes' ◆ Recent NIB deal good reference for pricing
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◆ Forth FIG issuer to bring sterling SNP this week ◆ Attractive pricing versus euros ◆ Dutch bank 'the type of credit that helps you sleep at night' says lead
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◆ Triple-B pair each print no-grow €500m deals ◆ Technip Energies enjoys slim concession ◆ Clariant ends 14 year absence with large, sticky orderbooks
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◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
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Premiums may not be at risk of increasing yet but caution should remain the watchword
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◆ Tightest UK bank tier two since 2021 ◆ Book holds despite tight levels ◆ Latest in recent flurry of FIG tier two issuance
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◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge