Euro
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Market participants spot first signs that ever improving funding conditions may be over -
Verizon and NextEra's jumbo hybrids could entice more US issuers to follow
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Rise of jumbo Reverse Yankee issuance could crowd out European names
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◆ Issuer captures strong opening to launch capital pre-funding ◆ Achieves tightest spread from Spanish bank in longest tenor ◆ But as market weakened the deal lost some steam
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After stalling earlier this year, infrastructure deals have picked up as data and digital dominate
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◆ Belfius pre-funding for 2026 ◆ RBI deal more than seven times subscribed ◆ Softness earlier in the week 'just a blip'
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◆ Hungarian bank's €100m deal takes €1.15bn of orders ◆ Issuer had Wednesday's FIG market to itself ◆ CEE names offering 'nice pickup'
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Banks tap Asia for diversification, while SSAs stay busy in euros and dollars
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Caution pays off as issuer completes funding for 2025 and prepares for next year
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◆ Pricing 'close to fair value' ◆ Deal finishes subscribed ◆ PBB no problem for SSAs
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◆ Its first sub-€1bn tier two in four years ◆ First French euro bank capital sale since prime minister's resignation ◆ Mixed views on new issue concession
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◆ First euro bond for NextEra ◆ Spreads tightened on both tranches ◆ Hybrid supply in euros doubles year-on-year
