Europe
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◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond -
The loan is aligned with its sustainability commitments
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◆ Roaring rated debut for Ipsen ◆ Final orderbook 10 times deal size ◆ Spread lands well inside higher rated comparable names
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The company has also added a new lender to its banking group
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◆ Borrower lands inside fair value for second year in row ◆ Orderbook ends near peak despite heavy tightening ◆ Investors say there is 'too much liquidity'
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Deal helped by talk of a ceasefire in the Russia-Ukraine war
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Not only security but financial stability is at stake in the race to rearm
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◆ Some premium paid ◆ Cautious investors 'stay in the book' ◆ Swedbank was 'the right name' amid volatility
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Deal brings company's sustainability-linked funding to €1bn
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◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
