Europe
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed -
The company has refinanced and increased its loan by another €100m
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◆ ‘Decent book’ 5.3 times covers deal ◆ Third govvie to bring a deal in two days ◆ Valuation still tight versus most peers
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◆ European and US growth figures released during bookbuilding ◆ Demand proves decent for EDF ◆ Worries bubble up that market is not pricing in risk properly
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◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed
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◆ Debut deal from Google owner ◆ Combined peak demand hits €31.5bn ◆ Curve steepens by 3bp during book building
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◆ TDC Net opens books after marketing last week ◆ Starting spread is widest of any deal for almost a year ◆ Harbour Energy out with junk rated hybrid
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◆ Hungarian bank brings subordinated debut ◆ Order book allowed 50bp of spread tightening ◆ Absence of senior deals led to 'some surprise'
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The Manchester based company was advised by debt specialist Alvarez & Marsal
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Sector analysts say diversity of funding is a core goal for airline leasing companies
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◆ Textbook tightening ◆ Stable conditions open up market ◆ 60% of funding expected to come by June
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
