Europe
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◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year -
◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
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The bank is capitalising on an investor base starved of CEE bank issuance
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◆ Peak demand tops 10 times oversubscribed ◆ ‘Widest’ senior corporate spread of the day helps books swell ◆ Negative new issue premium spotted
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◆ Sophomore sale attracts greater demand ◆ Some concession needed for larger than expected print ◆ New deal extends hybrid curve
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◆ Biggest and most popular green OAT ever ◆ Third and final syndication came earlier than in previous years ◆ Leading position in green bonds and EGB market affirmed
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◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
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◆ Westfield operator increases size on €750m trade ◆ SELP's peak books top almost 10 times oversubscribed ◆ Both deals land close to fair value
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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
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◆ Couche-Tard and Louis Dreyfus line up seven year trades ◆ Roquette adds to hybrid queue ◆ Corporate pipeline swells, execution dependent on a shaky backdrop
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French agency remains ahead of the curve in its third biggest year for fundraising, may bring another trade before summer
