Issues
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Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus -
◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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◆ UK government guns for growth but did it miss? ◆ French fancy: FIG in favour again ◆ Pandas and Wontons with the AIIB
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Taxonomy alignment and credible transition plans could be more important for issuers
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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Calendar quirk could keep issuance going in December
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Stamp duty holiday for IPOs still leaves UK with one of highest taxes on trading
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CLO managers able to raise equity despite seemingly unattractive first day arbitrage
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Company's relationship banks provided the funding
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Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
