Weekly Covers
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◆ Thames Tideway Tunnel brings rare blue bond… ◆ …and a rare IG corporate sterling bond ◆ Deal lands with single digit concession -
◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
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The Turkish sovereign sold a $2.5bn sukuk on Tuesday, paying no concession
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◆ Deal much more popular than issuer’s last ◆ Better tone, improved backdrop ◆ Extra 3bp ‘made a big difference’
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◆ Snam prints debut European Green Bond ◆ Heimstaden Bostad brings its first green note ◆ Both deals attract big books at tight spreads
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Demand let A rated sovereign cut spread by 35bp
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◆ Hybrids and Reverse Yankees on offer ◆ Market waiting for Iran's response to US strikes ◆ New issue concessions still in single digits
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Slovenia will be the first European sovereign to issue an SLB
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Report on secondary objective also questions regulators' role in economic growth
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Investors hope a government more open to fiscal tightening will come to power in 2026
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Strong conditions and looming US tariff deadline set to lure more issuers next week
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◆ Investors eager to buy capital from big and smaller banks ◆ Bankinter places largest AT1 at reset under 400bp ◆ Much smaller Optima bank from Greece also debuts
