Europe
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◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling -
◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches
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Sparkasse Dortmund adds 10 year sub-benchmark offering to pipeline
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◆ Sandoz garners chunky demand for 10 year trade ◆ Trend continues for issuers to set deal parameters quickly ◆ Single digit new issue concession
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The Lithuanian bank made its international market debut in 2024
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◆ NN the first Friday deal in six weeks ◆ Investors hungry for undersupplied Dutch paper ◆ Book grows after spread set
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The company's decision to replace its facilities follows an investment grade rating and bond issue
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Separate listing planned for September
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Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets
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◆ Nineteen times covered books for €3bn of taps ◆ Shorter, older bonds replaced by long ones ◆ ‘Clever trade’ and ‘very precise pricing’ as a result
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◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market
