Europe
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No 'pronounced' pick up to Austrian national champion names expected
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Issuer adjusts execution strategy to price off swaps instead of Treasuries, outlines plans for 2026 funding
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‘Decent run’ for loan deals in Austria and CEE as IG names dominate deals in the pipeline for 2026
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No investors involved in Caffil's latest deal mentioned concerns over French risk
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Manufacturers and suppliers have been hit hard by costs and Chinese competition
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◆ No competition from similar Contact Energy ◆ Stedin seals larger than average spread move ◆ Investors left book as price ground tighter
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◆ Tightest SNP in euros since January 2022 ◆ 38% book attrition ◆ 'I'd rather be holding one of the best banks in the world'
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◆ Alpha enjoys IG welcome ◆ Order book five times subscribed with a touch of concession ◆ South European banks' 'convergence pattern'
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With the Fed tipped to ease again, bankers say curves could grind flatter at the front end
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◆ Peak demand tops €2.4bn ◆ Spread tightened sharply from IPTs ◆ Spread to senior paper higher than recent deals
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◆ German state takes €1.5bn ◆ Seven year demand question answered ◆ Small spread paid versus theoretical new KfW line
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◆ UK tobacco company sells larger than expected €1.2bn dual trancher ◆ Final demand strong despite tighter yields ◆ Sub/senior gap set in the low-100bp area