Issues
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger -
◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
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The Swiss company’s refinancing has support from more than 30 banks
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Super-tight trading makes it a difficult buy for some internationals
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◆Another €11bn syndication from the bloc ◆ ‘Very modest’ new issue premium observed ◆ Pricing method development is ‘only natural’, France stability helps
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◆ Issuer initially targeted price over size but achieved both ◆ Makes sterling debuts look easy ◆ Positioning for UK membership?
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Terna and KPN see €1.85bn drop from books between peak and final count
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Senior banker replaces climate scientist
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◆ Spreads quiver, then stabilise ◆ Rating agencies evaluate risks ◆ Capital increases to give early signs of US attitude
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Explosive Monday makes it unlikely the week’s issuance volumes will be as muted as feared
