EMEA
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Issuers are keen to lock in tighter levels before chancellor Rachel Reeves' big announcement -
Foreigners' love of Swiss francs presents an unlikely opening for overseas borrowers
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◆ Popular Adidas more than four times covered at peak ◆ Investors leap at rare deal ◆ Tight top quality credits used for pricing
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Sovereign prices flat to euro curve and 'well in line' with peers despite being less frequent in the currency
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Demand for the Turkish bank's deal was about three times the issue size
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◆ Spanish firm first to pair novel EuGB label with a hybrid format ◆ Trade lands far through fair value ◆ Joint largest book this year so far in euros
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Meanwhile UBS prepares to appeal court's decision that writing down Credit Suisse AT1s was unlawful
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◆ Juventus' majority owner attracts €3.25bn peak book ◆ Price discovery needed for rare name ◆ Range of fair values suggested
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It has added three year loans to the autumn round after bringing them back in the spring
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◆ Spanish agency returns to euros ◆ Big demand for small deal ◆ Tight spread to Spanish govvie
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◆ Sovereign's second dollar bond since 2020 ◆ Deal attracts 'really high quality demand' ◆ Pricing in line, if not better than, euros
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◆ UK electricity brings 12 and 30 year sterling bonds ◆ Tighter spread on longer tranche ◆ Sterling supply from IG papers down 21% year-on-year
