Europe
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This week saw a 79% drop in euro volumes from same time last year -
◆ Water company tests demand in a troubled sector ◆ Deal size increased to £450m ◆ Spread tightened 15bp inside the tight end of initial thoughts
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◆ Book order peaks at more than four times subscribed ◆ Negative new issue premium ◆ Amount raised to refinance €1.1bn of debt
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◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers
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Curve underperformed but ‘there is demand at these wider levels’
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Large loans expected to help meet sizeable capex needs
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◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
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◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
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◆ Summer trade rewarded peak orders of five times deal size ◆ Deal lands through fair value at 33bp over mid-swaps ◆ Euro IG credit spreads reach new tights
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Company looking to become a frequent face Down Under
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More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near
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New issue premiums to be small or negative
