Spain
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◆ German city state brings rare 20 year ◆ Pricing was tighter than peers' secondary ◆ Andalucía joins Basque from Spain -
◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?
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◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value
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Threat of tariffs between Nato allies push EGB yields down but 'sustainable shift into risk-off' not expected — yet
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◆ Airport operator lands second deal ◆ Higher yields driving higher demand ◆ Investors looking for yield over spread at longer tenors
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Financing consists of three tranches of loan facilities
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◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce
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◆ CaixaBank's first sterling trade in almost three years ◆ No orderbook attrition on reoffer ◆ Unsecured pipeline discussed
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
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◆ Santander and SEB print sterling seniors ◆ 'Opportunistic window' for issuers ◆ Possible sign of busy sterling market next week
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◆ Issuer captures strong opening to launch capital pre-funding ◆ Achieves tightest spread from Spanish bank in longest tenor ◆ But as market weakened the deal lost some steam
