Europe

Two syndications have landed the sovereign €16bn with just one more trade left to do

Deal pile up means days of 40bp tightening during bookbuilding could be over for now

◆ Deal execution is ‘exemplary of the current market’ ◆ Demand drops by around €2.4bn from peak to landing, yet clears 10bp inside fair value ◆ Issuer reduces cost with bullet and counts SP bonds towards MREL

Debut €500m five year deal spotted up to 7bp through reoffer in the grey market

Sharp spread tightening still possible despite slew of trades lining up

Swiss bank expected to offer a pick-up over other non-eurozone names

The German state needs to raise 20% more than initially planned

Average premium paid has steadily fallen since the start of the year

Ellevio, Moller-Maersk and Metro latest to court fixed income investors

Lossmaking Swiss solar cell manufacturer is scaling back production in Europe, opening in US

Agricole issued early in January, but found the market in better health on its second visit

Deal sets a pricing benchmark for SSA dollar green bonds in 2024