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IdFM second EuGB scores tightest spread and biggest book

◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated
◆ Telefónica started 25bp tighter despite lower rating ◆ Both deals increased on bulging demand ◆ Spreads land close to fair value

National Grid lit up euros with slim concession on €650m trade

◆ UK issuer looks for funding in euros ◆ Demand peaks above €4.3bn ◆ Orderbook attrition returns as spread tightened

Aroundtown and Terna price tight hybrid deals in euros

◆ Terna sets new senior/sub spread record ◆ Aroundtown lands flat to secondary ◆ Investors are hungry for high yielding paper
◆ Telefónica started 25bp tighter despite lower rating ◆ Both deals increased on bulging demand ◆ Spreads land close to fair value
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