Euro
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Issuer adds unsecured public debt to its funding repertoire which previously comprised covered bonds and private placements -
Debut euro deal set to come after bumper full year results
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High rated, low debt issuer from preferable sub-sector raises sentiment in out-of-favour industry
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European borrowers rushed to issue deals settling in January and focusing on the short end
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The Spanish and Austrian banks land preferred senior paper with low-mid teen premiums
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Spain’s electricity transmission monopoly joins red hot market for utilities
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German issuer expands the maturities available to borrowers, though the high cost may not be palatable to many
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Investors have shown high demand this year for senior bank debt in Europe
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Meanwhile, aGerman issuer prepares to reopen covered issuance beyond 10 years in a crowded market
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Large borrowers like the EU are making pricing more difficult for slighter public sector borrowers
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Investors chasing higher yields and spreads have poured large orders into lower rated bank debt. More issuance is expected to target this demand
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For the first time since the euro sovereign crisis, pension funds are buying long dated corporate bonds
