Euro
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◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder -
◆ Shorter tranche favoured but both tighten by large amounts ◆ Market seems ripe for other issuers ◆ Eyes now turned to US tariffs announcement
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Clear success of Tuesday's euro corporate bond issues should give others confidence
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◆ Alternative asset manager attracts its largest book since at least 2020 ◆ Part of this demand stems from higher spread to peers ◆ This was the result of IR work, says lead manager
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◆ Defensive short dated deal is first senior bank euro offering in more than a week ◆ Issuers balances size and price ◆ Pays single digit new issue premium
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◆ Deal went ahead despite tariffs-related volatility ◆ Assessing fair value was key ◆ Supra now nearly 56%-funded
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◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
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Volume and demand rising as spread attractiveness to swaps increases
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◆ Dutch bank scoops €1.5bn with three year deal ◆ Demand allows for tight pricing ◆ Next to no premium needed
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◆ Book holds together despite strong spread revision ◆ No concession needed for popular print ◆ Investors find safe haven in covered bonds
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◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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More strategic deals lower down in the capital stack may be delayed for a 'market that's not tasting blood'
