Europe
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Delistings in the renewables sector and a ‘debt-driven’ company are on market participant’s minds -
◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
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Investors are feasting on extra spreads on offer in central and eastern Europe
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◆ Bloc lands another €10bn-plus deal ◆ Book almost a record ◆ Both real and fast money show hands
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Senior debt was downgraded to CCC on September 25, liquidity still in question
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Spain is 88% funded for 2024 with regular auctions left; expects next year’s programme to be similar
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The troubled Swedish landlord is targeting an €800m market cap for its residential real estate arm
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◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
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CEE banks are drawing heavy demand for new bonds
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Relief that the first European IPO after summer has grown in the aftermarket, though not without large concessions
