Currencies
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All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water -
◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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◆ Some question timing ◆ Source close to deal defends outcome ◆ Debate on how much inaugural issuers should pay up
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder
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◆ Shorter tranche favoured but both tighten by large amounts ◆ Market seems ripe for other issuers ◆ Eyes now turned to US tariffs announcement
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Clear success of Tuesday's euro corporate bond issues should give others confidence
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◆ Alternative asset manager attracts its largest book since at least 2020 ◆ Part of this demand stems from higher spread to peers ◆ This was the result of IR work, says lead manager
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◆ Defensive short dated deal is first senior bank euro offering in more than a week ◆ Issuers balances size and price ◆ Pays single digit new issue premium
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◆ Deal went ahead despite tariffs-related volatility ◆ Assessing fair value was key ◆ Supra now nearly 56%-funded
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◆ Dollar basis working for euro issuers in five year ◆ Maturity working for issuers in 2025 ◆ Deals come a day before Trump tariff announcement
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◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
