Europe
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Deal lands close to fair value but orderbook attrition remains high -
Banker says Italian deal 'could have priced at the top end'
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Manitoba, TCV join foreign SSA contingent, Chile's BCI prints five-year, but corporate supply lags
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High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
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Market debates whether a new SSA borrower or repurposed European supranational would better fund European security as US dials up pressure
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Other markets overshadow labelled public sector issuance in sterling
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◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread
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◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves
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◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
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Company prints inside recent similarly rated names despite problems in motor sector
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Sustainability links will be added once framework is complete and published
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
