◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars
◆ Spanish lender captures strong demand despite last week's rates volatility ◆ Investors get opportunity to 'jump' into rare long end tranche ◆ Despite big demand other issuers are 'very cautious'
◆ Supply, not demand, to determine summer pipeline ◆ Barbell market with top and low quality issuers the most welcome ◆ Opportunistic funders the most likely summer candidates
