Euro
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◆ Terna becomes latest Italian company to print EuGB ◆ Deal lands inside fair value ◆ Rampant liquidity left disappointed by dwindling supply -
Wide open window this week as market searches for willing issuers
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Baden-Württemberg set to price FRN on Tuesday in so far quiet primary market
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Opportunistic summer issuance expected and early start at end of August
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Uncertainty lifted for now but problems only kicked down the road
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The usual supply slowdown moves fast into sight but issuance windows remain open for next two weeks
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◆ Strong demand for senior bank debt at tight valuations ◆ Arkéa lures insurers seeking higher yielding investments ◆ NBG achieves 'blowout' for 4NC3 funding a tender
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Thirsty investors face up to prospects of primary market drought
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Issuer starts H2 benchmark funding on positive note, will focus on 'finetuning' in coming months
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◆ Premium paid ◆ More market-makers required ◆ Buy-and-hold investors prevent scalability
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PPs and club deals allow for greater execution certainty in a stilled market, say bankers
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◆ NTT kicks off major transatlantic fundraise ◆ Investors pump €24bn into the books ◆ Bevy of banks on mandate enjoy the spoils
