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CREDIT SUPPLY
  • Seventh busiest week of supply this year with EUR 18.4bn priced across 31 lines from 28 issuers. Most issuers coming to market in a single week this year.
  • Fourth highest average spread of the year; noting seven BBB- deals in the market this week.
  • 3.2x aggregate cover was in line with the 3.3x YTD figure.
  • We calculated the average NIC to our FVs as 4bp ranging from -10bp on Castellum, Mercialys and Veolia to 33bp on Julius Baer and 40bp on Scandinavian Tobacco.


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  • Seventh busiest week of supply this year with EUR 18.4bn priced across 31 lines from 28 issuers. Most issuers coming to market in a single week this year.
  • Fourth highest average spread of the year; noting seven BBB- deals in the market this week.
  • 3.2x aggregate cover was in line with the 3.3x YTD figure.
  • We calculated the average NIC to our FVs as 4bp ranging from -10bp on Castellum, Mercialys and Veolia to 33bp on Julius Baer and 40bp on Scandinavian Tobacco.