Issues
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◆ United Utilities lands flat to fair value with rare green bond ◆ Southern Water draws book size over £3.75bn at peak ◆ Optimism regained in the troubled sector -
CEO’s departure comes ahead of business’s full integration into German bank
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Long end deals could be on the cards for brave Benelux borrowers
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Near-term rate cut expectations decline in dollars and euros
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Reorganisation changes reporting lines
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Facility features accordion option
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Offering gets $10bn book and large retail participation
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Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
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◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp
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The government has enacted impressive reforms since 2023, but revenue collection is still weak
