Weekly Covers
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◆ Tightest UK bank tier two since 2021 ◆ Book holds despite tight levels ◆ Latest in recent flurry of FIG tier two issuance -
◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge
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It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
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◆ Belgian issuer tightened spread by 7bp ◆ Order book broke €2bn before closing at €1.9bn ◆ Deal offered a minimal new issue premium, a banker said
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◆ Solid book even though size not comparable to January ◆ Investor demand remains 'pretty robust' as June starts ◆ Maximum of 1bp premium paid
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◆ Books reach more than £2.5bn for £1bn print ◆ Safe-haven Canadian credit in demand ◆ Light supply leaves cash waiting
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The investment vehicle, led by BlackRock, will issue more bonds in future
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Poland's development bank has been trading tighter to the sovereign than usual of late
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◆ Issuer raises large size for the currency ◆ Pricing break through 100bp level ◆ Book stays almost intact despite macro volatility
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◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals
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◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers
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Scarcity value to overshadow sectoral concerns
