Euro

Issuer ‘reaping the fruits’ of investor work with large book and tightening

Covivio, Timken and Merck & Co keep corporate issuance going

◆ Bankers off deal say bonds landed close to fair value ◆ High beta names offering spread ‘attracting massive demand’ ◆ Order book peaks above €2bn

◆ Improved sentiment after US inflation report could spur more issuance next week ◆ SMN completes tight print versus peers ◆ ICBC offers green bond in multiple currencies

‘Definitely more’ corporates seeking ultra-long maturities

Polluting borrowers should expect higher costs or less access to funding, argues CEPR

◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN

Bank borrowers are eager to make the most of strong bid for covered bonds

Sub-sovereign issuers found support in an undersupplied market

Leads saw no new issue premium paid by the issuer after 3bp of tightening

◆ Transaction ‘looks like a slow deal’ given tightening and size, say rival bankers ◆ Marketing process ‘was too rushed’ for rare euro issuer ◆ Huge corporate issuance ‘may have overshadowed’ sole FIG deal

Deals of all stripes find a home with 17 euro tranches launched