Weekly Covers
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◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky -
Italian shipbuilder is expanding capacity on strong defence demand
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◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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The country will use all the money raised for liability management
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◆ First Reverse Yankee hybrid of 2026 ◆ €7bn peak book for euro tranche ◆ US issuers increase European market presence
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◆ First visit to public market in 2026 ◆ Fair value estimated by lead bankers ◆ Broader momentum in SSA market supportive
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◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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The country is one of the highest regarded sovereign issuers on the continent
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The government has been much more proactive in its debt management since a scare in 2024
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◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker
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◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue
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◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
