Issues
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Stack of deals priced, led by €4bn Bosch acquisition financing -
Deal followed €3bn block trade in February
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◆ First euro and social combo since 2022 ◆ Deal follows another MDB five year ◆ Market capable of absorbing similar deals
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◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date
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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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◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition
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The company is 'very well run', said one buyer
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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
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Another Saudi bank brought an AT1 the day before, continuing the spree
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◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals
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◆ AT1 volumes reach €5.5bn-equivalent since post-tariff reopening ◆ KBC pays premium for larger size ◆ BPM benefits from takeover tightening
