Euro
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◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating -
◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm
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The company is believed to have added three institutions to its lending roster of relationship banks
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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The Swiss company’s refinancing has support from more than 30 banks
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Chocolatier includes junk rating coupon increase in marketing dual tranche euro trade
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Almost one in five euro benchmarks have been tightened by a double digit spread this year
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◆Another €11bn syndication from the bloc ◆ ‘Very modest’ new issue premium observed ◆ Pricing method development is ‘only natural’, France stability helps
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◆ German investor base drives orders ◆ Spread lands at ‘optically tight’ level ◆ ‘Respectable outcome’ for Haspa
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◆ Three big SSA syndications scheduled for Tuesday ◆ EU and Italy on the same day, again ◆ UK to bring second to last syndication this FY
