Issues
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Senior banker arrives to work in financial advisory
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Apollo to sell €316m of Lottomatica on Wednesday night
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Major shareholders underwrite the deal
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◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Investors pour in €270bn of orders for new BTPs ◆ 10 year book a record for sovereigns ◆ Next up, Portugal
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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◆ Italian firm attracts €7bn peak book ◆ Deal lands up to 20bp through govvies ◆ However, high single digit premium still needed
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Lufthansa's low rated hybrid gets less enthusiastic reception than Enel's but still garners ample demand
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◆ Rival bankers impressed by spread ◆ Negative premium debated ◆ Spread lands just 10bp shy of BNPP’s similar offering
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◆ Supra begins 2025 with back-to-back deals ◆ Book was huge at over €47bn ◆ Recent secondary tightening helps execution
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Company wants to switch from coal to greener generation, in line with national plan
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Company in tricky chemicals sector saw almost eight times demand