Weekly Covers
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◆ Mediobanca latest Italian bank to fund amid M&A ◆ Deal well absorbed even at negative NIP, though some debate on price ◆ Similar dynamics gave Ifis tight spread and concession -
◆ 3.5 year FRN priced flat to guidance ◆ Green and conventional fixed rate bonds to come ◆ World Bank, PSP to print euros
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◆ Terna becomes latest Italian company to print EuGB ◆ Deal lands inside fair value ◆ Rampant liquidity left disappointed by dwindling supply
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◆ JGB yields rose sharply ahead of elections ◆ Impact of JGBs on euro market sentiment ◆ Illiquidity hits SSA secondary trading
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Prices have recovered from spring sell-off
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Yorkshire Water casts lonely figure in rapidly thinning issuance market
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◆ Issuer triples FRN size to $2.25bn ◆ Pricing came inside fixed rate secondary ◆ Sterling, Kauri deals also done this week
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Many issuers planning to issue later in the year may have already brought deals forward
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Uncertainty lifted for now but problems only kicked down the road
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Volatility down but market still rebuilding after April's US tariff shock
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The usual supply slowdown moves fast into sight but issuance windows remain open for next two weeks
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◆ Strong demand for senior bank debt at tight valuations ◆ Arkéa lures insurers seeking higher yielding investments ◆ NBG achieves 'blowout' for 4NC3 funding a tender
