Europe
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◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says -
◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
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◆ French rail group skips guidance after books top €4.5bn ◆ Issuer tightens spread sharply and increases deal size ◆ Hybrid format helps strengthen IG rating
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◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus
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◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker
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◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
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UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
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Issuers are trying to plot their way through a busy schedule of central bank meetings this month
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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
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◆ Heavy coverage ratio and low attrition ◆ Investors attracted by extra spread versus KBC ◆ Adds more supply in heavy week for insurance capital
