Europe
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◆ Drinks maker looks to pay single digit concession over its curve ◆ Peak demand drops by €950m at final books ◆ Borrower cuts growth forecast -
German electricity company ends corporate drought as Thermo Fisher announces roadshow
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Security expenditure targets must be met with debt brake reform, analysts say
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Duration returns to euro covered bonds but supply wave looks unlikely with relative value a sticking point
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The loan will have KPIs including the percentage of the company's capex aligned with the EU taxonomy
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◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
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£900m equity raise plans come as Southern tries to save its investment grade rating
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◆ French bank speeds up funding plan to meet eager buyers ◆ Initial deal eyed for second half of 2025 ◆ Higher spread to frequent issuers attracts
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
