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Bumper Supply, Good Performances, Little Buyer Indigestion


Bumper issuance this week but good book cover and secondary seemingly taking the flow in its stride. Little sign of any buyer indigestion or wider risk-off attitude.

  • It may only be Tuesday afternoon, but it’s been a bumper week in primary. Nine issuers have tapped the market for EUR10.3bn across 12 lines (EUR12.8bn if you include two covered issuers).
  • Cover has come in at about 2.7x in aggregate with the Tier 2 sub issuance from Nationwide, Commerz and CredAg leading the numbers there.
  • Tightening from IPT were in the high teens for those T2 issues and were in the range of 15-30% for all the fixed coupon issues, aside from Piraeus’s senior pref today (5% from 5.25%).
  • Only TD Bank has shown any sort of secondary widening (from FICM) and UBS and CS paper is, in fact, slightly tighter than the market even after yesterday’s issue.

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