skip to main content
Close Icon

In order to deliver a personalized, responsive service and to improve the site, we remember and store information about how you use it. This is done using simple text files called cookies which sit on your computer. By continuing to use this site and access its features, you are consenting to our use of cookies. To find out more about the way Informa uses cookies please go to our Cookie Policy page.

Global Search Configuration

** The IG Euro primary market was open for business again on Tuesday. A modest EUR2bn of paper printed in the single currency with the corporate sector accounting for three quarters of this total. See IGM's Daily EUR Supply Snapshot for a breakdown of the day's deals

** Both Aroundtown Properties and Zimmer Biomet appeared to find going tough despite both taking a pragmatic approach to pricing and even offering the added security of a sub-IG coupon step-up in the case of the latter. Aroundtown Properties' long 6yr deal only managed to print at the tight end of IPTs and whilst Zimmer Biomet's debut two-parter was tightened 12/15bps during pricing, like Aroundtown's deal, still appeared to offer final eye-catching NICs of 30bps+. For more background and analysis on the two deals please see IGM's CORP SNAPSHOT

** These sizeable NICs offer more evidence that pricing power remains very much in favour of prospective investors in the current environment as mentioned in yesterday's IGM COMMENT titled 'Pay up or wait until next year'

** The only other Euro benchmark on Tuesday came from an SSA issuer in the form of the German Federal State of North Rhine-Westphalia which refreshed its LSA curve with a EUR500m Feb 2021 line

** With the ECB meeting taking place on Thursday, Wednesday perhaps remains the most available window to bring a new deal this week but with large NICs seemingly needed to get a deal done at the current time it may only be the less price-sensitive issuers that decide to pull the trigger. Some of those known to be monitoring the market after recently holding investor roadshows are the likes of AusNet, PSA Banque and Molnlycke


Broader market developments on Tuesday: Santa rally underway?

** Risk accumulation gathered pace Tuesday. No singular driver but comes as markets take ongoing Italian political uncertainty in their stride and data comes in generally firm

** German Factory Orders post huge beat in October showing Q4 got off to strong start. US Durable Goods and IBD/TIPP Eco Optimism also topped forecasts, adding to list of recent US data beats

** German yields nudged higher while 5y5y EUR inflation swap rate hit 1-yr high as ECB meet nears. Peripheral yields fell as political jitters subside seeing 30-yr Spain yield drop up to 11.5 bps. For more FI colour see here

** European Bank Index (SX7P) hits highest level since Jan 15th as Italian banks rebound

** iTraxx Main and Crossover touch multi-week tights with latter nearing test of post US election low at 316.4 (Nov 10th)


What to watch Wednesday:

** Data - German and UK Industrial Production for Oct to provide hard data on how Q4 started out with both seen rebounding, before attention shifts to US JOLTS

** Supply - Germany to issue EUR3bn 2018 Schatz, while UK goes longer with GBP2.25bn 2047 Gilts


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


Any questions? Speak to a specialist

If you have questions about how Informa Financial Intelligence can assist your business, please fill out the form below and we'll get back to you shortly.

If you prefer to get in touch by phone, please refer to the About section of our website for a list of our offices and contact details. 

Would you like to request sample data or analysis from Informa Financial Intelligence? 

See how our tailored solutions can help you gain a competitive advantage: