Europe
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◆ €2bn printed out of larger €4bn needs this year ◆ Very tight spread to French govvie ◆ Rarity and sovereign guarantee attracted investors -
◆ Borrowers keep an eye on headline risk ◆ But trades land inside fair value ◆ Manchester Airport has blow-out debut
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Estonian lender Coop Pank could also make its covered debut on Thursday
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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The Italian payments company has maturities coming due in 2026 and 2027
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◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up
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◆ Risk sentiment extends nosedive ◆ Corporate issuers shrug it off, paying small to negative new issue concessions ◆ Orders remain sticky
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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Pfandbrief split across four tranches spanning 3.4 to 23.6 years
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◆ New 10 year launched in big size ◆ 2bp premium paid, ‘business as usual’ ◆ Will the deal open the floodgates for euro SSA deals?
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Book over €5bn as chunk raised to help Ukrainians
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As US exceptionalism wavers, corporate bonds become the haven for bruised money
