Europe
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◆ Derwent brings smooth Friday trade ◆ Deal caps off €49bn-equivalent fortnight ◆ Volumes expected to collapse -
'Modestly-sized' long conventional Gilt followed market feedback
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Less exuberance in bookbuilding and secondary widening follows primary market onslaught
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Owner InfraBridge has plans for expansion and upgrades
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◆ Finnvera joins dollar party in primary ◆ Attractive levels and lack of supply boost demand ◆ Another German issuer brings 10 year euro paper
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◆ Small benchmarks hit screens ◆ Demand solid but muted ◆ Market prepared for cooling off period after rampant few weeks
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◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
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◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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◆ German sub-sovereigns back in 10 year euros ◆ Fair pricing, good pick up over KfW ◆ First deal to price on day of terminal outage
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Another CEE trade from Hungary's development bank will also price on Wednesday
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The bank left the book open longer than planned due to problems with Bloomberg
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
