Europe
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Investors expected deals on Wednesday after Woolworths’ chunky demand -
One of the first facilities from sector heading for boom after Germany announced big spending plans
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First EGB syndication and first dollar SSA bond after tariff mayhem put investor demand to test
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◆ Short week starts on stronger footing ◆ Gasunie lands with single digit new issue concession ◆ But high order book attrition is on display
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Ex-Credit Suisse banker joined Ares in 2023
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◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
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◆ A new social bond issuer is born ◆ Agency opts for domestic currency for debut, keen to print again ◆ First Swedish SSA with a social use of proceeds bond
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◆ Third Länder trade priced in turbulent week ◆ Encouraging deals show ‘there are clearly windows’ ◆ What next week looks like
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European capital market participants quite rightly remain unconvinced that the 90 day reprieve is anything to cheer
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Loss of LCR eligibility could hit sterling covered demand, but issuers expected still to come
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SSA market most bullish but some in credit, emerging and equity markets still unconvinced anything has changed despite 90 day tariff reprieve
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◆ Second German state braves this week's volatility ◆ 2bp NIP is ‘fair enough’ for Länder ◆ ‘Important to keep market open’ and encourage others, say bankers
