Europe
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OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise' -
Borrowers cram in before what could be the first ECB rate cut since 2019
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◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
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Unrated names and a new hybrid issuer plan deals, as bankers warn 2024 will be a '10 month year'
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Subdued SSA dollar market is also getting a boost
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Fair value is about 180bp over mid-swaps says a banker on the trade
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Wide spreads have insulated eurozone periphery borrowers from rates volatility — for now
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French agency hopes to be a regular in sterling market
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Big day for Italian ECM as Golden Goose attracts long-onlys to IPO and Chinese shareholder off-loads Pirelli stake
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Long-serving public sector funding official moves on after 30 years
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◆ Deal swells from initial size ◆ No premium needed to seal larger print
