Euro
-
EFSF and Land NRW are expected to price new trades on Tuesday -
No deals were reported on Monday, but supply could restart the next day
-
◆ French pharma prints along liquid parts of the curve ◆ Two shorter tranches land flat to fair value ◆ Danaher showed demand for high rated issuers earlier in the week
-
◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence
-
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
-
The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
-
Red-hot corporate hybrid bond market could tempt more debut issuers
-
◆ Sentiment improves after ceasefire extended ◆ Handelsbanken nears record tights ◆ Jyske Bank attracts €3.3bn of orders
-
◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
-
◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
-
◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
-
◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
