Euro
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◆ Minimal concessions paid ◆ Books peak high before shrinking ◆ Final demand in line with recent trades -
◆ 'More defensive' five year tenor works well ◆ Record non-German demand, central banks show hands ◆ Länder-KfW spread 'at a good place'
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◆ Austrian agency benefits from rarity ◆ Two five year deals go head to head ◆ Tighter spreads by all metrics
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◆ Dutch issuer refis 2027 call at lower coupon ◆ Books hold firm with only minimal attrition ◆ Recent hybrid deals met with strong demand and tight pricing
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Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
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Supranational has raised $14bn less than two months into new fiscal year but much more is to come, including deals from IDA
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Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
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Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
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The Reserve Bank of India's subsidised window for raising foreign currency borrowing has accelerated the country's banks' dollar issuance blitz
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◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
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◆ Greek bank's first issuance of the year ◆ Tenor and IPTs attracted domestic and international demand ◆ Deal praised for its strong execution
