Europe
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week -
Maire subsidiary will use loan for M&A and research
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
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Positive dynamic that started last year is still in place with issuance to resume next week
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Reduced supply means lower NIPs expected in IG corporates
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DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
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Missing Italian giants expected back in the OBG market next year
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Ailing Thames Water got little of what it asked for, Southern Water a modest lift
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Mortgage growth and investor interest to fuel Pfandbriefe next year
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Bond market will closely watch debate on the debt brake in an election year
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Markets should not underestimate the risk that fringe parties could cause an upset in next year's German general election
