Europe
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◆ Small benchmarks hit screens ◆ Demand solid but muted ◆ Market prepared for cooling off period after rampant few weeks -
◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
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◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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◆ German sub-sovereigns back in 10 year euros ◆ Fair pricing, good pick up over KfW ◆ First deal to price on day of terminal outage
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Another CEE trade from Hungary's development bank will also price on Wednesday
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The bank left the book open longer than planned due to problems with Bloomberg
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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Three year maturity fills important funding gap for highly rated names, say lenders
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◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year
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◆ Novo Nordisk brings €6bn trade days after CEO leaves ◆ Tranches priced with similar premiums ◆ No sign of investor fatigue for jumbo corporate trades
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Downgrades are looming if Romania cannot fix its sky high deficit
