Weekly Covers
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◆ Fast food firm leaves nothing on the table ◆ Trade extends McDonald's euro curve ◆ Reverse Yankees dominate euro IG corporate flow -
◆ Three companies bring no-grow €500m trades ◆ All deals got ample demand ◆ More supply lines up as the market reopens
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◆ Spread tightened by 'unusual' 5bp ◆ Win-win for all types of buyers ◆ Issuers advised to 'catch a window'
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◆ Borrower builds one of largest books ◆ Prices off own curve, govvie-style ◆ Typical 2bp tightening, but fair value ‘very much on the move’
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Offer came as markets recovered and volatility fell
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◆ Spread 'hardly budged' despite recent volatility ◆ Premium and greenium estimated ◆ 'Sensationalised' nuclear energy concerns
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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
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Company’s new facility was described as ‘substantially oversubscribed’ and structured as a club deal as it adds contingent liquidity loan for $3bn
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US banks were the biggest issuers of unsecured debt in euros, paying a premium for jumbo multi-tranche trades
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Prime week for euro funding as four issuers line up 16 tranches
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Hire comes from Ares
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Andreas Becker, head of treasury and pension fund for Land NRW, discusses borrowing strategy
