Issues
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◆ Views on NIP vary ◆ Price sensitivity among investors ◆ More senior deals expected -
Financing will be used to build out infrastructure
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◆ Philip Morris flattens short end curve by 7bp ◆ EssilorLuxottica lands with single digit concession ◆ Wesfarmers increases deal size
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Books over $1.5bn at launch at a spread of 80bp over Treasuries
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Estonian bank is paying no concession, thought one observer
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◆ Unlike Commerzbank, long end book holds together ◆ Premium paid ◆ Scarcity of Japan names in euros
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◆ One tranche experiences more attrition ◆ New issue concession varies on legs ◆ Fast money investors exhibit sensitivity
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Higher volume, more tightening during execution and lower new issue premiums were recorded
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Company is committed to keeping its investment grade balance sheet
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◆ Crédit Agricole aims for 5.5 years, SR-Boligkreditt goes for fives ◆ The belly home to the greatest demand ◆ Paid land tight to peers and own curves
