Europe
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◆ Eika picks sevens for second deal of 2025 ◆ Investor limits restrict pricing ◆ Single digit premium paid -
◆ Combined demand closes at €2.9bn ◆ Little to no premium needed for either leg ◆ More size taken at the long end despite smaller book
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◆ Siemens burst out of the gate with five tranches ◆ Rarely spotted floating rate note sees good demand ◆ More multi-tranche trades expected this week
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The bank may tap demand from investors facing falling sovereign issuance
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A bond in the same format last year from another Czech bank was a hit with investors
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The German agency has been working on bringing up the liquidity of its bonds
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Asset class war breaks out as FIG market complains Reverse Yankees are stealing investors away from their deals
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Country is trying to reduce its bloated deficit, but political instability is complicating efforts
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Private equity buyers look for finance as they buy up infrastructure assets
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
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The group has said it is growing its origination team
