Goldman Sachs
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◆ First US bank to print in euros this year ◆ Goldman's first issuance in single currency since 2022 ◆ Book nears €10bn -
◆ Four deals priced at same tenor, with a fifth also in dollars ◆ Why IADB increased size ◆ Swap spread moves cause complications
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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◆ Diverging views on new issue concession ◆ Huge books for each tranche ◆ Issuer takes a big bite out of 2025 funding need
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◆ Two day execution ensures T+0 settlement ◆ Goldman Sachs acts as platform provider ◆ Second recent exloratory project
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
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Being made a Goldman Sachs partner retains an appeal and the process is fiercely competitive, but it’s not as attractive — or important — as it once was
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Banks celebrate Trump win amid hopes of looser regulations
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ Bond priced with no new issue concession ◆ Spread to swaps drives orders ◆ More price discovery for French agencies
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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights
