Europe
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◆ Last euro syndication for 2025, done ◆ Good timing as usual ◆ Book is one of sovereign’s largest -
◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars
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UK government’s plan to force pension funds to allocate funds to specific assets goes against the pension industry’s core duty
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
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◆ Demand solid across seniorities ◆ Hybrid regular Veolia moves into green structure◆ Swisscom shows investors also looking for thinly priced debt
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Utilities, healthcare and telecoms among the sectors highlighted as prime targets for consolidation
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◆ Auto companies reappear in European bond markets ◆ Demand is high for beleaguered sector ◆ BMW tightens three year spread by 40bp
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Books were more than six times the deal size
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◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure
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◆ Tight deal proves popular ◆ Investors eager to buy seven year paper ◆ Achmea's secondary curve points to higher fair value
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◆ Holding company starts around 40bp wide of fair value ◆ Demand pours into the book ◆ Borrower pays single digit new issue concession
