Europe
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance -
Switch auctions to make comeback as DMO chief discusses record breaking deal and 2026-27 funding
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◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits
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Swiss commodities firm has deleveraged thanks to elevated free cash flow
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◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
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◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid
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◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
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◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
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The bank is capitalising on an investor base starved of CEE bank issuance
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◆ Peak demand tops 10 times oversubscribed ◆ ‘Widest’ senior corporate spread of the day helps books swell ◆ Negative new issue premium spotted
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◆ Sophomore sale attracts greater demand ◆ Some concession needed for larger than expected print ◆ New deal extends hybrid curve
