Issues
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Owners of the bonds face a long route to a payout but have a precedent in sight -
Luxembourg-based steel maker and French spirits company get warm welcome
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◆ Sovereign prices just 1.7bp over US Treasuries ◆ Rarity and diversification attract investors ◆ International issuance picks up
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◆ Dealers pitched wide range of pricing ◆ Hard limit orders drop away ◆ Finnvera, IDA, Saxony bring euro mandates
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Five and 10 years more appealing, with ultra-long spreads deemed 'rather costly'
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◆ German media group's first euro deal since 2022 ◆ Book peaks at €3.4bn ◆ Negative new issue premium paid
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Regulatory processes to print Panda bonds are still complex and opaque, but have improved
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The issuer is set to price flat to fair value, or a few basis points over at most
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◆ Sterling covered market on a 'hot streak' ◆ Strong demand pledged, including international interest ◆ Offshore sterling covered spreads compress
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◆ Toyota drums up strong order book ◆ Spread tightens sharply from IPTs ◆ Size increased to €750m
