Euro
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Fund established through a credit secondary sale focuses on senior secured loans for European private equity and corporate-backed businesses -
◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used
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◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal
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◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
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◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week
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◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size
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◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal
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Green lending ramps up in part due to data centre growth, but volume still much smaller than SLLs
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◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors
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More supply is set to come during the busiest November on record
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◆ Irish lender sets size at €1bn ◆ Minimal concession paid ◆ Bank is 'swimming in capital'
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◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid
