Euro
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At least one potential deal in Europe has been sidelined due to fears about the US economy -
Central bank rate cuts could unlock asset rotation into riskier parts of the capital structure
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Autumn funding will start early and fast, but geopolitical risk abounds
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Early refinancing is adding more pressure on already tight corporate spreads
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Agency wraps up a busy July and heads into the autumn with €5bn-€6bn to fund
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Issuer left with ‘a lot of flexibility’ after actively pre-funding earlier in the year
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◆ Issuer looked to gain from ‘plenty of cash around’ ◆ But some names more welcome than others ◆ Bankers agree on new issue premium
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Spanish utility company will use loan for wind, photovoltaic and battery projects
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A good sign for primary issuance as inflows pour into credit funds
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Investors show they are still at their desks during the most illiquid weeks of the year
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Agency could issue two to three more bonds, probably spread out over coming months
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◆ Average benchmark tenor up from 2023 ◆ Seven years proves popular ◆ Longer dated deals look unlikely
