Currencies
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◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling -
◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches
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◆ A 'double digit' saving for issuer ◆ Investors 'want defensive, short assets' ◆ More reverse Yankee issuance debated
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Sparkasse Dortmund adds 10 year sub-benchmark offering to pipeline
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◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession
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◆ NN the first Friday deal in six weeks ◆ Investors hungry for undersupplied Dutch paper ◆ Book grows after spread set
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Deal was among MDB bonds warmly welcomed by investors this week
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The company's decision to replace its facilities follows an investment grade rating and bond issue
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Investor demand for longer paper allows both issuers to price tight
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Separate listing planned for September
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High volumes issued as bond market pushes through geopolitics
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◆ Pace of FIG issuance in the US slows down ◆ Nordea the sole Yankee financial issuer this week ◆ Local insurers make up the rest of the primary action with senior and subordinated offerings
