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€IG Primary Tracker (By Week)

CREDIT SUPPLY
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  • Supply picked up this week with EUR 6.75bn in €IG across seven lines from nine issuers with EUR 3.25bn of this coming on Monday alone.
  • Cover for the week was 3x against the YTD total of 3.3x and ranged from 4.7x on Natwest’s EUR 0.75bn 7yr to 2x on Astrazeneza’s EUR 0.75bn 9yr.
  • Fourth tightest average launch spread of the year with five of nine lines launched being single A-rated.
  • NICs were tight across the board with an average of 3.6bp, a 50% trimmed mean of 5.4bp and a median of 5bp; Natwest came in 10bps tight to our FV while Saint-Gobain’s 12yr came in flat as the best performing deals. Atrazeneca’s 9yr, Edenred’s 8yr and Vodafone’s 9yr left the most on the table with NICs of 8bp, 7bp and 7bp respectively.

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  • Supply picked up this week with EUR 6.75bn in €IG across seven lines from nine issuers with EUR 3.25bn of this coming on Monday alone.
  • Cover for the week was 3x against the YTD total of 3.3x and ranged from 4.7x on Natwest’s EUR 0.75bn 7yr to 2x on Astrazeneza’s EUR 0.75bn 9yr.
  • Fourth tightest average launch spread of the year with five of nine lines launched being single A-rated.
  • NICs were tight across the board with an average of 3.6bp, a 50% trimmed mean of 5.4bp and a median of 5bp; Natwest came in 10bps tight to our FV while Saint-Gobain’s 12yr came in flat as the best performing deals. Atrazeneca’s 9yr, Edenred’s 8yr and Vodafone’s 9yr left the most on the table with NICs of 8bp, 7bp and 7bp respectively.