Euro
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New issue premiums are needed after a difficult week to sweeten post-US election issuance prospects -
Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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Relative value mismatch between core and non-core issuers is one of many concerns
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Blowout month for euro high grade benchmark corporate issuance
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Euro loans could outperform despite offering lower coupon payments than in dollars
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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We would welcome your feedback on the outlook for the SSA market
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Investment grade companies issue €20bn of euro bonds this month
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Streak of high-yielding FIG credit attracting ample demand has been broken
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◆ Deal meets investor resistance despite higher yield ◆ Offers 'attractive yield' but book drops to just above €750m issue size ◆ German bank to refi early only Landesbank AT1 via tender
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The loan is the largest underwritten by banks in Albania
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◆ Follows similar attrition Mediobanca experienced on Monday ◆ Rival bankers give mixed assessment ◆ Jyske Bank senior offering holds up better
