Euro
-
◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors -
◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty
-
◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
-
World Bank tops 2025 issuer rankings for private placements
-
◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid
-
◆ SSA pair go head-to-head in rare move in euro 10 years ◆ 'Not the norm', but made little difference ◆ Both deals very large and popular with investors
-
◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession
-
◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid
-
Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
-
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche ◆ Both tranches priced close to fair value
-
◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
-
◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession
