Euro
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Investors prefer shorter tranches in about-turn of recent trend -
◆ Big five year book for sovereign ◆ Fourth syndicated transaction "not required" ◆ Pricing didn't work for ultra-long dated tap
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◆ Benign primary market offers funding to big and small ◆ Size trumps ESG labelling when it comes to performance ◆ MUFG single note versus Mizuho’s dual trancher
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
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Corporates pump out another day of deals to the envy of other markets
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◆ Inaugural bond expected early next week ◆ German deal secured against Dutch mortgages ◆ Deal expected to be popular despite quirks
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No-grow tag added to modest size in latest bond to finance €8bn Vodafone Italia purchase
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Increased deal sizes and long-end interest suggests market still buoyant, say bankers
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◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation
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Talks with borrowers suggest more to come and primary market will be ‘busy until October’
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◆ Rare Viennese issuer in second subordinated foray of the year ◆ Has to pay premium for returning so soon ◆ Finnish insurer refis called capital
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◆ Bpifrance prices year's largest benchmark ◆ French agency spread to swaps attractive ◆ AFD found opportunities in dollars
