Bonds - EUR
ZF Europe Finance is working on a four-part EUR benchmark deal. Also pricing are ADB, Credit Agricole, LBP Home Loan and UBI Banca.
Euro-denominated MTNs emerging over the last week or so included re-packs, a lone CMS structure, and some long vanilla.
JP Morgan's co-head of EMEA rates, Tom Prickett, discusses recent developments in €STR trading and the prospects for the nascent benchmark.
Carnival, the world’s largest leisure travel company, has mandated BAML, BNPP, Citi, GS and NatWest for a EUR 10y.
An impressively busy day once more for new issuance saw the shadow of Italy’s $7bn 3-part cast over much of the curve.
EBRD, Ireland and Hypo Tirol are in the market today.
Aggressive receiving in long-dated 3s6s has pushed the basis to multi-year lows. LCH/EUREX was stable but some see a widening bias.
Atlarea, Deutsche PBB, Lagardere and IDA (World Bank Group) are in the market today. Ivory Coast is targeting the long-end via syndication.
A wide range of issuers are expected to price in euros today including AXA Home Loan, CK Hutchinson, PepsiCo, Santander and Quebec.
Trader views are mixed on the next direction for the euro swap curve. NatWest argues that convexity and Japanese flows will flatten the curve.