Europe
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Varying luck for corporate bonds in euros as secondary market wobbles -
◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date
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Country is dialling down bond market activity
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Any new issue premium estimate is tricky because of a bigger than usual secondary adjustment
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Market is ‘more confident than it has been in a long time’ as regulation paves way for normalisation in 2024
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Solid enough deals from car sector but without the blowout response some hoped would show market strength
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A debt payment standstill with private creditors expires next summer
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Sovereign cuts issuance by €60bn but market readies for another year of hefty SSA issuance
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The proposed removal of obligatory shareholder approval treads a ‘delicate balance’ in the first reforms since 1984
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Banks deemed 'solid' but risks in credit quality and growing non-preforming loans pose problems ahead in weak economy
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Most of the deal was covered by pre-commitments from three anchor investors
