Nomura
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This year’s expected surge in IPOs and M&A deals should drive a proliferation of strategic equity derivative transactions, with $2bn of fees up for grabs -
Investors are thirsty for yield and willing to sacrifice spread
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◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets
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◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition
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◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound
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◆ Issuer becomes second tier one in HK dollars ◆ 'Definitely' demand for labelled bonds in Hong Kong ◆ Sterling helps differentiate from crowd
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◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights
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◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn
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◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
