Euro
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Senior bond market participants say Europe has once-in-a-generation chance to take a chunk of US hegemony -
◆ Assorted issuance mix mostly well taken by investors ◆ But lower yielding or unfamiliar names find it harder to gain traction ◆ Almost all issuers pay slim to single digit premium
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◆ OTP prints first euro covered in a decade ◆ Equitable Bank fails to tighten from IPTs ◆ Rival bankers debate Equitable struggle
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◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense
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◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding
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◆ Old tier two call date approaches ◆ Tier two pick-up over senior gets tighter ◆ Wide range of feedback but ‘can’t compare this to anything’
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◆ SSE brings two tranches to Orange’s one ◆ Both trades see substantial orderbook attrition ◆ Hybrids remain attractive proposition for investors
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Delayed drawdowns are more common in private credit
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The difficulty of hitting the standard makes it a standard worth having
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Large capital raising in May surpasses past monthly volumes
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◆ Insurer appears amid 'great' market ◆ New deal is seen offering no new issue premium ◆ Tier two capital 'appears' to be refinancing legacy perp, says CreditSights
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◆ NordLB achieves price with capped size ◆ Commerzbank squeezes €750m from slim book ◆ Low single digit premiums paid
