Weekly Covers
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Sales both raise about €115m -
◆ Issuer's longest ever public bond ◆ Priced tighter than debut eight year Pfandbrief ◆ Still offers premium to established compatriots
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◆ Sovereign bags another huge book ◆ Rare five year paired with 12 year green tap ◆ €59bn raised from four syndications this year
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◆ Carry turns less appealing for investors ◆ US bank holdco deals had pushed FRNs wider ◆ Opco vs holdco spread evaluated
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◆ More esoteric corporates head to euros ◆ London Power Networks makes euro debut ◆ Lagardère garners average demand despite eye-catching spread
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Investors have welcomed a naira devaluation, but it has hurt banks in Nigeria
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◆ Highly regarded issuer prints longest covered bond for three years ◆ Deal is more expensive than SSA debt... ◆... but investors show strong demand at 'fair' price
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ Philip Morris flattens short end curve by 7bp ◆ EssilorLuxottica lands with single digit concession ◆ Wesfarmers increases deal size
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Estonian bank is paying no concession, thought one observer
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◆ Unlike Commerzbank, long end book holds together ◆ Premium paid ◆ Scarcity of Japan names in euros
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Higher volume, more tightening during execution and lower new issue premiums were recorded
