Europe
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Donald Trump’s assault on the tenets of US financial exceptionalism is a boon to European capital markets -
The new loan comes from the company's established lending group
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◆ Investors claw back some of the power in primary market ◆ Trade lands with high single digit concession ◆ Deal more than three times subscribed despite €1bn falling out of orderbook
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New issue premiums have risen in the European corporate market
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IG corporate investors have preferred bonds with higher ratings since tariff chaos began
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German state prices in line with euro curve despite moves in swap spread during execution
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Market welcomes the move, but the tone around non-UK covered bonds is set to remain 'cautious'
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Borrowers achieve mixed results with new bonds as market struggles to offer solid ground
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◆ First EGB syndication in three weeks breezes through primary ◆ Sovereign rides recent upgrade momentum ◆ Quick execution, measured pricing and sizing approach
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PSHypo’s spreads near unchanged to pre-‘liberation day’ levels
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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book
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Tool hire company sees significant opportunity coming to the sector from government support
