Euro
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The issuers want to be frequent visitors to the euro market and, more importantly, evolve into SSAs -
ECB and Fed meetings next week could throw sentiment off in final weeks before summer breaks
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Growing team adds former Nomura FIG DCM banker
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Higher risk companies are finding enthusiastic demand
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Issuers offer 200bp-plus spreads and win chunky demand with maligned ESG structure
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◆ Two issuers and two strategies ◆ Spread to differentiate as 'incremental fatigue' sets in ◆ Mixed expectations for June
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◆ Spanish firm goes for price over size ◆ Slim 10bp concession needed to seal the deal ◆ Book builds appearing slower as the week progresses
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The 'summer break' is not as sacrosanct as some might think
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Alliander, Schneider Electric and Edenred face dwindling orders for tightly priced borrowers
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◆ Lower investor interest despite only 30% of Monday's volume issued ◆ Not all able to land at tight end ◆ 'Recalibration' for FRNs
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◆ DNB's tier two attracts largest unsecured book of the day ◆ Norwegian note tightest in the format in eight months ◆ Is this a potential sweet spot for subordinated paper?
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Issuer increases deal and launches at single digit concession
