Euro
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Corporate summer slowdown prospects dampened as windows for opportunistic trades open -
◆ 4NC3 structure helped differentiate from previous deals ◆ Premium paid ◆ Softer market tone after heavy week
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◆ Fallen angel lands €500m deal ◆ Tight price too much for some investors ◆ IG and high yield comps used
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Front-loaded funding and an uncertain rates outlook have left investors short of papers
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Book coverage ratio was in the same area as Gulf banks' pre-Iran war euro issuance
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Fiscal targets for 2026 already met, more early debt repayments underway
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◆ Less frequent issuers bring fifth and sixth euro SNPs of the week ◆ Mid-level durations 'working well', lead says ◆ Premiums paid
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Bankers eye Warsh's debut, private credit and stretched equity valuations
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Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
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◆ Anglian Water finds attractive pricing in euros ◆ Iberdrola pays small NIP on dual tranche EuGB ◆ Statnett and EEW Energy bring single tranche green deals
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PKO is the fourth Polish bank to debut in the tier two market in the last year
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◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress
