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  • Middling week of supply given the likely three-day window; 15 bonds from 14 issuers with EUR 10.425bn in volume puts the week at 21st out of 37 weeks YTD.
  • Aggregate cover ratio of 2.9x compares to the YTD level of 3.2x.
  • Average/median NICs were essentially zero albeit with a decent range in levels; CaixaBank’s 8yr SNP and Macquarie’s 5yr came ~10bps through our FVs while Akzo Nobel’s 10yr and Terega’s 10yr left 15bp and 20bp on the table from where we saw FV.

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  • Middling week of supply given the likely three-day window; 15 bonds from 14 issuers with EUR 10.425bn in volume puts the week at 21st out of 37 weeks YTD.
  • Aggregate cover ratio of 2.9x compares to the YTD level of 3.2x.
  • Average/median NICs were essentially zero albeit with a decent range in levels; CaixaBank’s 8yr SNP and Macquarie’s 5yr came ~10bps through our FVs while Akzo Nobel’s 10yr and Terega’s 10yr left 15bp and 20bp on the table from where we saw FV.