Europe
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◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain -
◆ Issuer returns to EuGB label ◆ €4bn trade bigger than last year's debut ◆ 'Very positive' and 'very successful' exercise
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◆ Issuer already raised €7bn in January ◆ More advanced funding progress than last year ◆ Textbook approach to pricing
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Attractive spreads available as Air Liquide lines up Swiss franc debut
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◆ EuGB label attracts second French agency ◆ Tight pricing to existing secondaries ◆ Label, no-grow language and marketing all help
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Treasury director Rodrigo Robledo says investor relations work has paid off
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◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
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◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
