Euro
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A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction -
◆ ECBC, ECB and US inflation put a stop to supply ◆ Issuers not missing out by not issuing in sub-par market ◆ Credit is the more appealing sector
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◆ Italian bank returns after years of calls but no replacements ◆ Tight pricing cemented on super-scarcity status ◆ Austria’s Bawag gearing to increase capital with new issue and tender
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Borrowers try to slide in before ECB meets on Thursday
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Volumes tipped to be down next week, with borrowers cramming into first three days
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◆ Debut deal spotted tighter in secondary ◆ Some investors keen to get lines in place for future issues ◆ Buyers fine with unusual structure
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Bank capital issuance spree set to run as investors lap up even lower credits
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Borrowers’ focus on how far a deal moves during bookbuilding leaves many baffled
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Rising supply and a lack of secondary market performance put investors off covered bonds
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New issue concessions creep up as smaller, less liquid issuers suffer
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Borrowers fill screens on Thursday after poor market open a day earlier kept issuers away
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◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period
