Weekly Covers
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Issuers leave concessions on the table as investors look more closely at individual names -
New issue premiums evaporate as investors lap up yield and spy top of rate mini-cycle
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Equity market bodies try to pre-empt regulator's July consultation and consolidated tape decision
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Merck & Co and Ecolab Inc raised a combined $11bn as they took advantage of strong investor demand and tight spreads
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Tight spreads are offering attractive funding climate for foreign as well as diverse US financial institutions, including those exposed to private credit
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◆ Issuer’s first covered since September ◆ Aussie bank tapped seniors last week◆ CBA’s was only covered benchmark on Thursday
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Peace agreement will be needed to restore normal enthusiasm
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Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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◆ Five year dollars 'road well travelled' ◆ Fair value estimated ◆ Pricing 'straightforward' given plenty of comps
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◆ Defence firm's first deal in 16 years could entice more to follow ◆ Strong bid fuels price move ◆ Hedge fund demand debated
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A package of reforms including fairer prudential treatment is the way to get the best out of securitization
