Euro
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Recent euro tap lured big order book amid scarce supply -
Lenders believe year ahead may not be as robust unless event-driven M&A takes place
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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Major supranationals were also active last week in the private market in ESG-labelled and local currency bonds
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The lender has landed inside a recent QNB trade in euros
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◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
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Lower rates and ample cash reserves could drive deal momentum
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Strong demand for slim supply could tempt issuers to access the market before Christmas
