Euro
-
Storied credit continues capital market rehabilitation with deal marketed on a spread basis, rather than yield
-
◆ Issuer takes advantage of the duration bid ◆ Print close to fair value, if not inside ◆ Smaller compatriot Spar Nord Bank readying green debut
-
◆ Singaporean bank prints more than originally targeted ◆ Slim premium paid for size ◆ Deal bought forward to avoid competing supply
-
It’s who buys the bond, not how much they pay that counts
-
Higher yields, through senior duration and capital, to support prefunding demand
-
At least one issuer considers 10 year but spread dynamics could be off-putting
-
Problems at BMW and VW weigh on the sector amid contagion worries
-
Next three to four weeks key if issuers are to complete 2024 funding early
-
◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding
-
Knorr-Bremse, Grenke and Voestalpine market new trades after 50bp move
-
◆ LCR eligibility attracts accounts ◆ Deal follows extensive roadshow ◆ Issuer plans to close spread gap to peers over time
-
Moving Beko to independent funding sources freed up space for parent company to borrow domestically