Euro
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EFSF and EU have deals to come but 2026 conversations have already started, with long end yields in focus -
◆ Popular Adidas more than four times covered at peak ◆ Investors leap at rare deal ◆ Tight top quality credits used for pricing
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Next FOMC meeting now 'more interesting' but front-end govvies trading fair, say market participants
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With issuers in earnings blackouts or nearing the end of their 2025 programmes, issuance slumped in October compared to the September rush
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◆ Juventus' majority owner attracts €3.25bn peak book ◆ Price discovery needed for rare name ◆ Range of fair values suggested
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Deal flow to resume next week with ‘pretty good’ demand to support issuance
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◆ Spanish lender completes full unsecured capital stack issuance in 2025 ◆ New deal lures growing demand ◆ Debate on new issue premium
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◆ 'Rocking' book over 4.5 times covered ◆ Slim premium leaves room for performance ◆ Austrian undersupply supports demand
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◆ UK consumer goods firm prints seven and 12 year paper ◆ Issuer ups size on big demand ◆ Demand skewed towards the belly of the curve
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These regions offer more deals and 'better' returns
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◆ Barclays raises €1.75bn in dual tranche senior ... ◆ and issues Singapore dollar AT1 ◆ Lloyds pulls $9bn of orders for US dollar AT1
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◆ Sub-benchmark deal oversubscribed ◆ Close to 5bp of new issue concession ◆ Iceland's relative risk spread compared to other Nordics 'not justified'
