Euro
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◆ Dollar before euro for 2025 ◆ Record book, record size ◆ Savings of at least 2bp-3bp versus euros
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◆ First US bank to print in euros this year ◆ Goldman's first issuance in single currency since 2022 ◆ Book nears €10bn
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◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity
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◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past
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◆ New 30 year printed at tight level ◆ Swap spread tightened? No problem ◆ Real money demand dominates
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◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
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Norwegian aluminium company thunders through fair value despite threat of US policy changes
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Credit score company overcomes investors' concerns to tighten pricing sharply
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The company was divested by its Chinese parent in October 2024
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary
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First outing for Italian company tipped to herald wave of fresh hybrid names