Issues
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Deliveroo, Moonpig and XTB sales come as well -
Stalwart issuer returns after nearly four year gap
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◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight
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Borrower looks to have paid modest concessions after credit markets opened wider on Wednesday
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◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand
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◆ Bank markets NC5 and NC10 dual trancher with a flat curve ◆ Deal follows another long dated dollar AT1 from BNP Paribas ◆ More EM dollar AT1s in the pipe
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Turkish issuers continue to pay little or no new issue premiums
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Public markets have proven to be often just as illiquid, leading to a convergence in approach
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◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros
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Equity capital markets agreement has worked well for CA in Europe
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◆ Deal comes close to yields on Italian govvies ◆ Tight level puts off some investors ◆ More Italian issuance due
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Borrower buoyed by rarity and recent ratings upgrade in €650m trade
