Europe
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Looming regulation represents a stamp of legitimacy for BNPL lenders, which will lead them to public ABS issuance -
Hundreds of billions of euros of joint debt needs to be agreed upon on before 2028, but many questions unanswered
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Budget induced volatility could push OATs above covered spreads across the curve
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Lull in issuance imminent but searing hot market could entice more borrowers before party ends
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One major bank has underwritten three infra deals in the last week
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◆ Real estate company tightens hard on spread ◆ Deal lands well inside fair value… ◆ …but order book shrinks substantially as a result
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If Romania can tackle its deficit then government and state-owned issuer borrowing costs will fall
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◆ US delivery firm prints seven and 12 year bonds ◆ Equal spread tightening on both tranches ◆ Investors flush with cash jostle for scarce issuance
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Vicenza, Verona and Grezzana look to improve electricity services
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◆ Debut issuer draws solid demand ◆ Orderbook almost touches £1bn at peak ◆ Investors see triple B corporate sterling as enticing prospect
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Deal is first in format from an EM sovereign since 2023
