Europe
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◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025 -
◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024
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◆ Peak orders enough to fill deal seven times ◆ Pricing through fair value ◆ Investors warming on Portugal
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers
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◆ Oversubscription lets leads skip guidance ◆ New issue premium in low single digits ◆ Solid bid despite CEO uncertainty
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Some investors pass over ESG but other factors prove a lure ◆ Orderbook more than three times deal size at peak ◆ Attrition as spread tightened
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◆ French utility skips guidance, boosts size ◆ Bid eradicates new issue premium ◆ P3 Group adds to green slate with a €500m 7.5 year
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
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‘Long overdue’ upgrades not a surprise, but a relief, market participants say
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