Euro
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Asset managers less concerned about missing out on covered bonds, argue some bankers, while others highlight the relative value versus SSAs -
◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios
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Auto company one of raft of IG corporate mandates in ECB meeting week
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Investors have swarmed to FIG FRNs despite looming interest rate cuts
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Rates backdrop causing greater order book attrition in dollars as spreads grind tighter in euros
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Issuance to pick up, but funding officials could favour more attractive senior unsecured deals
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Blowout early issuance volumes as market prepares for ’10 month year’
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Latest Canadian issuer in euros finds little competition
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Companies increasingly bringing funding plans forward to avoid political risk
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◆ BMO final orders drop by €1.4bn as issuer ‘solved for optimal price’ ◆ Tightening of final spread ‘cost them some orders’ say rival bankers ◆ ‘A great trade’ that was ‘priced at pinpoint’ according to a syndicate lead
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◆ Issuer notches sharpest tightening since rebranding to land €500m three year close to FV ◆ Virtually no investor drops ◆ BFF Bank may launch social debut on Friday
