Europe
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date -
◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ 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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Focusing on absolute emissions is a big plus, said one observer
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Clear success of Tuesday's euro corporate bond issues should give others confidence
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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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Bank facility joins bonds in euros and Swiss francs
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Washing will reveal its tariffs on April 2 but many expect ambiguity to continue
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AusNet and unrated Lagardère market euro benchmarks
