Euro
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◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed -
◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios
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◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
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Arranging a cheap loan in return for lucrative ancillary business is a tougher sell
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◆ First tier two after Aussie AT1 phaseout confirmation ◆ European investors like what they see, even at tight valuation ◆ Some disparity between primary and secondary markets
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Italian renewables company receives roaring demand during a tough week for the green agenda
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◆ Hamburg Commercial Bank opts for price over size and prints tight ◆ Crédito Agrícola shakes off past struggles ◆ Italian specialised government agency drastically lowers funding cost
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◆ Gigantic book for Spain ◆ Finland also soared on demand ◆ Austria or Germany next?
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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Wide range of pricing references considered
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Newly rated supermarket group receives €3bn orders for €500m deal
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Book for its newest deal was second in size only to a QE-era transaction
