Euro
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Industrial gas maker taps the SSD market for the first time in biggest deal of the year -
◆ Orders balloon during US hours ◆ Bookrunner and rivals differ on fair value ◆ Bank viewed as ‘increasingly friendly’ on AT1s
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◆ Lender raises €1bn of seniors a day after compatriot ◆ Pricing tight but less demand than for first mover ◆ Slim concession, if any
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Deals waiting to be done but no one pulls trigger despite Fed meeting later this week
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Total for first half is more than all of 2023 inflows
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◆ New issue premiums return to euro covered issuance ◆ Issuers unable to tighten despite wider starting spreads ◆ French covered spreads could tighten
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Flurry of deals in euros with more to come as Monday supply already beats last week’s total volume
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◆ Deal draws accolades ◆ Result suggests others may issue before Thursday's central bank meetings ◆ Proceeds for EV financing
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Government bond spreads could continue to tighten versus core and semi-core peers
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◆ Transaction 'looks attractive' say analysts ◆ Issuer 'bondholder-friendly' ◆ US market 'remains open'
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◆ German banks raced out of the blocks this year ◆ Slower loan book growth to damp supply ◆ Pfandbrief spreads unlikely to tighten
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Which assets will dominate when issuance returns depends on whether borrowers choose to tackle their more difficult trades first
