Europe
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◆ SSA market faces up to escalating defence funding ◆ Arms company bonds in focus ◆ Slovenia's landmark SLB -
Swiss bank is only the second institution globally to use the instrument
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Sustainability-linked bonds are the market’s best megaphone
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Fresh Nato commitments will test bond market capacity as major issuers reveal funding updates
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Nato commitment to ramp up defence spend a boon for defence sector debt chances
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◆ Issuer maxes out on size ◆ Short dated dollars made sense ◆ $6bn done so far, more to come
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The financing follows the completion of site's construction
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Investor relations efforts and euro demand help issuer price at ‘ambitious but not unrealistic’ level
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◆ German supermarket chain brings three and seven year bonds ◆ Books keep growing even with guidance flat to fair value ◆ Volumes tipped to nosedive after this week
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◆ Largest deal and book sizes ◆ Strong demand for German SSAs ◆ Fairly priced after 2bp tightening
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Deal reflects ‘new paradigm’ in SSA market where spreads to US Treasuries grind ever tighter
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The $4bn triple-tranche trade came a week after Hungary upped its overseas funding target for 2025
