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◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium
◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe
◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
Data
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
European Central Bank's more 'balanced' tone may offer reprieve for bond execution
European banks’ absence from primary market is ‘different this time’
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months -
◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over
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Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
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◆ VUB places 'solid trade' ◆ Both issuers offer decent new issue premiums ◆ DZHYP syndicate want everything done before US opens
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◆ Belgian bank captures strong investor commitment ahead of US deadline for Iran ◆ Execution completed in tight, fast-changing window ◆ New deal lands 10bp wider than its previous SNP with a similar concession
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The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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