The European market was still busy last week, with last-minute additions to the busy calendar ahead of the anticipated quiet of the August repose. The pipeline grew by a few transactions, offering a preview of action reserved for September business.
Permanent Financing priced its 6 billion (US$7.35 billion) deal, boosting July supply to the 12 billion (US$14.7 billion) mark. The deal priced a few basis points outside its previous transaction, bringing primary spreads in line with secondary trading, said sources. The U.S. dollar tranches continued to garner support as the structure saw these notes upsized by GBP500 million (US$922 million). The 2a7 short dated tranche priced at 2 basis points below Libor, while the 2.8-year class A notes priced at 11 basis points over Libor. The 4.8-year notes priced at 16 basis points over three-month Libor.