Issues
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◆ Peak demand tops €2.4bn ◆ Spread tightened sharply from IPTs ◆ Spread to senior paper higher than recent deals -
◆ Starting level based on price sensitive investors ◆ Some French accounts less active ◆ Issuer has shorter duration needs than peers
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Deal expected to be priced after multi-week marketing period
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The dollar tap was priced tight, said one sovereign debt investor
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Ex-Jefferies banker joins to fire up EM sales and trading
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◆ Pricing comes significantly through EU ◆ 'Surprising' French interest in book ◆ Fast money deterred by odd tenor
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◆ Second 'chunky' US bank euro print in a week ◆ Deal lands close to fair value ◆ But longer, fixed rate tranche raises questions as it is spotted wider in grey market
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◆ UK tobacco company sells larger than expected €1.2bn dual trancher ◆ Final demand strong despite tighter yields ◆ Sub/senior gap set in the low-100bp area
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Discount to peers implied by price range was larger than the market expected
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Absence of new bonds to help secondary spreads grind tighter
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◆ Fashion retailer's first bond since 2023 ◆ Book peaks at €3.6bn ◆ VIA Outlets brings €500m green trade
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Kazakhstan's coupon was one of the lowest for an EM sovereign dollar five year in 2025
