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As tariff storm eases, buyers grow more willing to move down the credit curve
◆ Bill Ackman’s firm offers chunky spread ◆ But investors only offer modest demand ◆ Company only has one other euro trade outstanding
After soaring this month, May is expected to see new issue premiums return to next to nothing
◆ Investors claw back some of the power in primary market ◆ Trade lands with high single digit concession ◆ Deal more than three times subscribed despite €1bn falling out of orderbook
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024 -
European companies happy to pay up for size
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Investors are ready to pile into trades offering certain parameters, with triple-B, shorter-dated bonds in vogue
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Even at top end of range, volumes will still be far below March 2024
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Borrowers stay away after roaring week for those that did come to market
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◆ Roaring rated debut for Ipsen ◆ Final orderbook 10 times deal size ◆ Spread lands well inside higher rated comparable names
