Euro
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◆ Market 'working brilliantly' across asset classes ◆ BNP Paribas Cardif's first tier two in 11 years ◆ Investors 'less keen' on UK credit -
◆ Italian utility prints four and seven year bonds ◆ Shorter leg pulls in stronger demand ◆ Both tranches grow in size as pricing tightens
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◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
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Lufthansa, Oncor, TP and EWE hold investor calls
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KfW to bring new euro 10 year as ADB joins tier one peers to test new tights to Treasuries
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◆ Italian oil company prints five and nine year maturities ◆ Longer tranche draws stronger demand ◆ Tight execution keeps premiums in single digits
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Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
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World Bank breaks 10 year dollar records while IDA adds another point on euro curve
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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Amazon’s Swiss debut and Alphabet’s first yen deal jolted debt markets this week
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◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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Sovereign ready to tackle rest of 2026 programme with all syndications now wrapped up
