Euro

Strong bid for euro corporate bonds has allowed issuers to squeeze pricing tight

The bank is the largest in the country and a close proxy for investors to the government

Public sector issuance is expected to resume at pace this week

◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value

◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher

Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors

◆ ASN's tightest senior bond since 2021 ◆ Dutch lender becomes only the second FIG borrower to have issued more than one European Green Bond ◆ Deal comes hours before 'massive rally' ensues from opening of Strait of Hormuz

Growing pipeline and fiercer competition had threatened to shake the darling bonds of May

Investors maintain orders as issuers push tight, although some limits are appearing

An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is

Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance

◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits