Europe
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◆ Scarcity value draws buyers ◆ Nordic investors lured by big pickup against krona ◆ Bankers debate euro or dollar for next international bond -
New facility replaces two loans for BBB+ rated company
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Some thought the new issue premium was slim, but others saw it in double digits
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Borrower monitoring market windows ahead of novel European sovereign sustainability-linked bond
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◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief
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◆ Investors offered identical deals at each end of the rating spectrum ◆ Sanofi appears to come flat to fair value ◆ Both get more demand for seven year tranches
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The energy and commodities company saw significant enough interest during syndication to increase deal size
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Fair value might in the low 200bp area over swaps
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New issue premium estimates at initial pricing ranged from 35bp to 55bp
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SES and coffee machine maker SEB marketing high spread trades
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EIB, already 80%-funded for the full-year, will bring another dollar deal on Tuesday
