Europe

Zero NIP as country keeps focus on price

◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead

◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day

◆ Triple-B pair each print no-grow €500m deals ◆ Technip Energies enjoys slim concession ◆ Clariant ends 14 year absence with large, sticky orderbooks

◆ Week's third FIG sterling deal to take advantage of opportunistic Gilts arb this ◆ Issuer's second sterling deal this year ◆ Follows multi-tranche yen issuance across the capital stack

◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand

Premiums may not be at risk of increasing yet but caution should remain the watchword

◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year

◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge

Poland's development bank has been trading tighter to the sovereign than usual of late

◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals

◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers