UBS
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TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8% -
Yankee deals range from subordinated debt debuts to super long senior extensions
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Bankers welcome third and fourth deal in two weeks
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◆ Second covered from issuer this year ◆ Spread consistent with last dollar covereds ◆ ‘Everyone knows where three year dollar covereds are clearing,” banker said
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◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
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◆ Three year creates another point on curve ◆ €750m was target, Leumi’s deputy CEO said ◆ Strong market reopening after summer lull gave confidence
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◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target
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In terms of size, the trade came in second after its $8bn record from March this year, and bigger than the $6.5bn in November 2024
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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
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Books multiple times covered as company seeks money for energy investments
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Undisclosed investor sells 0.85% stake in the UK telecoms company
