Euro
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◆ A3 rated name opens wider than BBB euro debutant Galderma ◆ Rewarded with big, sticky book ◆ Attrition still clear in other trades -
◆ Borrowers pile into the market…◆ …but almost all only for small benchmark sizes ◆ Concessions still small as high demand battles low supply
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◆ Spread tightening and premium paid were unusual ◆ Strong investor quality as fast money stays away ◆ Bankers do not expect repeat of strong deal
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◆ Larger-than-expected green bond launched ◆ Issuer takes advantage of much calmer market this week ◆ Dollar benchmark could come before summer
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The project is now in build stage
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◆ New norm established for NIPs and spread tightening ◆ Some investors ‘burnt by govvies’ require more premium ◆ Rival bankers agree on NIP paid
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◆ €2bn printed out of larger €4bn needs this year ◆ Very tight spread to French govvie ◆ Rarity and sovereign guarantee attracted investors
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◆ Borrowers keep an eye on headline risk ◆ But trades land inside fair value ◆ Manchester Airport has blow-out debut
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Estonian lender Coop Pank could also make its covered debut on Thursday
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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Issuance volumes in the region were far, far higher than any previous February
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Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow
