Europe
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◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals -
◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches
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Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
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Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps
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Concession was higher than trades from earlier in the year
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Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
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Norwegian issuer returns to dollar market after eight year absence
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Issuer nearly 40% funded for the year with three more deals potentially still to come
