Euro
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Issuer bucks trend for duration demand as investors pick shortest tranche of three -
Euro paper was slow to build, but Swiss francs note flies off the shelf
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Mizuho's 'counterintuitive' 10.25 year tranche attracts more demand than its 5.25 note
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Sub-sovereign takes more than €6bn of orders, despite the EU keeping investors busy
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Limited issue size and the floating rate lure investors to the pre-CPI deal in an otherwise quiet day for FIG issuance
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Two deals demonstrated ample demand for covered bonds across the maturity curve
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Deals follow recent narrative of levfin market dominated by refis and financing for smaller bolt-ons
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print
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Structure’s pioneer heads out to furthest end of curve
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Rarer names and currencies are proving popular with investors
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Issuers are squeezing every last drop out of the buoyant primary FIG market with Nordic borrower bringing a deal on a Friday but widening suggests bigger NIPs coming
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French issuer prints with 2bp-3bp NIP amid strong FIG primary market
