EU EUR515m 1.25% Apr 33 tap

Burhan Khadbai

December 06, 2018 06:30 PM

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Burhan Khadbai

Senior Debt

Investors drive contrasting outcomes for FIG issuers

◆ Triple-B rated PBB print stuck at IPTs... ◆... while double-B rated Monte dei Paschi achieves strong outcome ◆ OP Corporate Bank lands flat to fair value

Atanas Dinov, November 20, 2024
Sub-sovereigns

Flemish Community exploits improving euro backdrop to tap recent 2034 bond

◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year

Elias Wilson, November 20, 2024
Corporate Bonds

Smurfit's 12 year bond takes big demand despite investors shunning duration

Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value

Mike Turner, November 20, 2024
Sub-sovereigns

Baden-Württemberg euro print 'good sign for the market'

◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio

Elias Wilson, November 20, 2024
GC View

Senior's rich spread leaves a bad taste in covered market

When senior unsecured spreads are so tight, why even think about issuing covered bonds?

Frank Jackman, November 19, 2024
Regulatory Capital

Acquisition-hungry BPM pre-empts tier two refinancing

◆ Italian bank opts to refinance early deal with call due next year ◆ Pays heightened premium but lower spread compared to earlier, shorter tier two ◆ BPM has been acquiring stakes in Italian financial institutions

Atanas Dinov, November 19, 2024