Euro
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads -
◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average
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◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan
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Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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Three tranche deals are increasingly common for issuers wanting size and duration
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◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch
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◆ RBC prices debut euro dual trancher ◆ Minimal attrition despite 'ridiculously tight' spread ◆ KBC finds demand for senior non-preferred
