Weekly Covers
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◆ SBEB and Nordea both print tight senior bullets ◆ Both deals oversubscribed ◆ 'Pre-volatility market is back' -
Issuers paid higher new issue concessions this week as investors turned more selective
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◆ Sparse calendar after a busy window ◆ Strong bid for a high grade name in a niche sector ◆ Single digit new issue concession paid
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Sovereign bags record size as 15 year proves 'sweet spot'
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Property group raised R2.65bn compared to its goal of R2bn
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The issuer kept away from the primary market for a few days due to volatility
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Fewer new deals are pulling lenders' attention back to existing companies
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◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic
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◆ Citi achieves 'strong outcome' ◆ Pricing flat or close to fair value ◆ Sentiment 'more positive than in previous days'
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Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap
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◆ One of the widest euro IPTs this year in IG corporate ◆ Demand rises during book building ◆ Single digit new issue premium
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Investors are nervy over trade tensions between the US and China
