Euro
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp -
Sustainability-linked revolver refinanced two years early
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◆ Banco BPM, BAWAG and SBAB sell senior preferreds ◆ RV disadvantage vs covered 'may be fading' ◆ Green and social labels 'helping' some deals
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◆ Price discovery and issuer frequency impacts LBBW SNP offering ◆ KBC order book holds firm ◆ Less frequent issuers drive second wave of issuance
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
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Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat
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◆ French agency begins fundraising for 2025 ◆ New deal upsized from $2bn ◆ Programme is smaller this year
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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◆ Sovereign returns with its usual January trade ◆ Book was larger than for recent Greek deals ◆ Positive momentum continues
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◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
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January issuance from CEE FIG borrowers got off to a good start
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
