Bank of America
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◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields -
◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
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Issuer almost alone among US and European companies in market this year
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Commerzbank’s new chief executive Bettina Orlopp has limited options to defend the bank — unlike UniCredit in attacking it
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Bumper September brings post 2020 peak
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◆ Three year deal 'obviously the blowout' trade of the day ◆ Biggest order book in dollars ◆ Pricing through fair value but still attractive relative value
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◆ Pricing through fair value ◆ Big size for 'darling' Canadian issuer ◆ Attractive pricing over tier one SSA names
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Pfizer and Greek bailout fund selling as Applied Nutrition launches IPO
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Tech firm to repay part of WMWare financing after biding its time
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◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024
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◆ Sovereign takes a ‘totally crazy’ book ◆ Central bank policy meetings created a helpful backdrop ◆ Long maturity offered ‘attractive entry point for investors’
