Australian dollar

French utilities firm to jump into Aussie dollars with hybrid and senior bonds

Kangaroo and Panda market grow as banks create US dollar FRNs to meet Asian demand

◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars

◆ Issuer plans regular appearance after 'warm welcome' ◆ Two euro bonds yet to come ◆ Inaugural covered deal not expected until late 2027

◆ Deal only the second ever Kangaroo hybrid ◆ Concession offered on all three tranches ◆ Verizon increasingly looking abroad for hybrid funding

Any deal would be the first French agency Kanga in more than 15 years

Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital

◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold

◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener

New product 'ticks boxes' including more investor diversification for Paris-based supranational, which also sold its largest Kangaroo

Big demand but no ‘saturation’ just yet even with secondary market wobbling as issuers reward changing hedge fund behaviour

◆ Second French FIG sterling deal of the week spotted pricing inside euros ◆ Fourth currency of the year for BFCM ◆ Crédit Agricole marketing Samurai after printing in multiple other markets