Euro
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◆ Another UK name ventures into euros ◆ Market 'healthy' as credit spreads linger near lows ◆ Premiums paid on both deals -
◆ Rival bankers discuss premium paid ◆ Interim pricing stage used to test investor appetite ◆ Do investors care about attrition?
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Euro and dollar bonds to come from the issuer before the summer
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The refinancing comes as a two tranche facility
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Investors showing a preference for rarer names and jurisdictions
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Borrowers stay away after roaring week for those that did come to market
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◆ Highly rated issuer draws demand ◆ Another low beta deal ◆ Secondary performance helps momentum
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◆ FRN bullets favoured over callables ◆ Fixed leg targeted 'sweet spot' for investors ◆ Consensus on premium paid
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◆ Land NRW garners €4.5bn peak book ◆ Debt brake vote passes without issue ◆ Hamburg prepping Wednesday deal
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◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond
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The loan is aligned with its sustainability commitments
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◆ Roaring rated debut for Ipsen ◆ Final orderbook 10 times deal size ◆ Spread lands well inside higher rated comparable names
