Location
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◆ Reoffer yield second lowest of the year ◆ Euro hybrid yields tear tighter ◆ Proceeds to refinance upcoming maturity -
◆ Issuer 'happy they got the deal done given current levels' ◆ Fair value debated ◆ €500m trade confirmed as 2026 prefunding
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◆ Demand peaks at 4.6 times deal size ◆ Spread tightened by 37bp from IPTs ◆ Second euro outing this year for RTE
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The emirate has been busy in other markets this year
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BCR deal marks a first from Romania
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The book was no blowout, but UzAuto sealed tighter spreads than its debut
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◆ Last deal this year partly to pre-fund for 2026 ◆ Record book, record spread to US Treasuries ◆ Pick-up over top tier peers shrinks
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The issuance of bank hybrids underlined the continuing strength of the dollar market after the reopening of the US federal government
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems?
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Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
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◆ Good reception for new bonds despite company profit downgrade ◆ Negative premium on all legs ◆ Longest maturity draws biggest book
