Europe
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Lower rates and ample cash reserves could drive deal momentum -
◆ Buyers flock to water credits ◆ Dual-trancher lands at the tight end of guidance ◆ Books hold at £3.1bn at final terms
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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◆ Gilts yields choppy amid PM leadership rumours ◆ Crossover of accounts drawn to linker trade ◆ 'Super strong trade' says lead manager
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◆ Insurance company's first outing since 2023 ◆ Book continued to grow after reoffer ◆ 'Pretty much everybody from the UK real money investor base' present
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◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ Swiss chemicals group sells two, five and nine year notes ◆ Single-digit premium paid across tranches ◆ Year to date domestic Swiss supply at record high
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Next year's programme will be similar in size and strategy to 2025's, but adds something new
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
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London-based hire will also work on financing for infra sector sponsors
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Orders five times the original deal drove size boost
