Euro
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Budget induced volatility could push OATs above covered spreads across the curve -
Lull in issuance imminent but searing hot market could entice more borrowers before party ends
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Strong corporate demand bodes well for the rest of the credit market
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◆ Expectations for ECB rate cut decline ◆ August 18 issuance restart expected ◆ Dollar pipeline builds as Japan SSAs 'cheap'
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One major bank has underwritten three infra deals in the last week
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◆ Real estate company tightens hard on spread ◆ Deal lands well inside fair value… ◆ …but order book shrinks substantially as a result
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BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'
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◆ US delivery firm prints seven and 12 year bonds ◆ Equal spread tightening on both tranches ◆ Investors flush with cash jostle for scarce issuance
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Vicenza, Verona and Grezzana look to improve electricity services
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Market participants ‘certainly won’t get bored’ during quiet weeks for issuance
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French risk ‘the known unknown’ and will ‘get serious' come autumn
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◆ Reverse Yankee with 7 and 12 year maturities ◆ Abundant liquidity hunts for extra yield from US credits ◆ First euro benchmark for FedEx since 2021
