Euro
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◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window -
Rising defence spending to create opportunities for lenders
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Greater concessions nip nervousness and orderbook attrition in the bud
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Strong and rapid sovereign uptake for new EU programme is not a safe bet
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It's more than gut feeling that FIG issuers should go for intermediate tenors
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Bond prices 'will need to adjust' as markets gain more context on defence spending plans
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Issuer plans regular voyages to euro covered market
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Investors are ready to pile into trades offering certain parameters, with triple-B, shorter-dated bonds in vogue
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◆ Both tier two deals meet receptive investors thanks to concessions ◆ Allianz goes for size with 10bp premium ◆ Swiss Re's new shorter structure cuts cost
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◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come
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◆ Two German sub-sovereigns hit the screens ◆ Surprisingly positive week for Länder new issues ◆ Country's fiscal expansion plan expected to get final nod on Friday
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Even at top end of range, volumes will still be far below March 2024
