Europe
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Short bookbuild and fixed price are being used to de-risk the transaction -
Retailer to begin concrete plans for the blockbuster IPO London’s market is pining for
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◆ Low beta issuers 'more challenging to sell' ◆ Investors turn cautious on FRNs ◆ New issue premiums 'will come back'
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OATs held up as market did not see the one-notch downgrade as 'shock' or 'big surprise'
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Borrowers cram in before what could be the first ECB rate cut since 2019
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◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
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Unrated names and a new hybrid issuer plan deals, as bankers warn 2024 will be a '10 month year'
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Subdued SSA dollar market is also getting a boost
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Fair value is about 180bp over mid-swaps says a banker on the trade
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Wide spreads have insulated eurozone periphery borrowers from rates volatility — for now
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French agency hopes to be a regular in sterling market
