Euro
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◆ Priced off recent peer issue ◆ New levels found after swap spread moves ◆ Deal twice subscribed -
◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market
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◆ Deal lands after lengthy roadshow ◆ Investors pledge over €1.15bn of orders for sub-benchmark print ◆ Single digit concession offered
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Issuer expects second deal of same maturity in the autumn, while funding needs may change
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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
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◆ 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
