Europe
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26? -
Pfandbrief split across four tranches spanning 3.4 to 23.6 years
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◆ New 10 year launched in big size ◆ 2bp premium paid, ‘business as usual’ ◆ Will the deal open the floodgates for euro SSA deals?
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Book over €5bn as chunk raised to help Ukrainians
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As US exceptionalism wavers, corporate bonds become the haven for bruised money
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The Moldovan firm issued fresh 2029s in November, during the US presidential election
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Loan size increased marginally after refinancing
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◆ Wessex Water and Bunzl in sterling ◆ Manchester Airport and Mondi in euros ◆ Market shrugs off Friday’s weak non-farm payrolls number
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◆ ‘Exceptionally strong’ deal in tough market ◆ Rarity adds to appeal ◆ Danish krone benchmark could come next
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Core SSA spreads suffer as EU-level funding expected to jump, but concerns also loom over Bunds and other govvies
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Big orderbooks and zero average new issue concession paid belies chaos in rates market
