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Rising energy costs, inflation and interest rates may all sound a bit 2023 in the face of the latest fears about AI Armagaddon but this is what will drive the bond market for now -
◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
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There is little evidence that US corporate issuance in euros is crowding out local borrowers
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◆ Five-part debut draws more than €21bn of peak orders ◆ Uber offers diversification from hyperscaler-heavy US supply ◆ Issuer leaves concessions on table to secure size
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◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
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◆ First euro deal for US manufacturing group since 2016 ◆ More than €7.4bn of peak demand backs three-part deal ◆ Attractive euro funding levels lure more US issuers
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Looming political upheaval is putting pressure on French banks to pay up to pre-fund but recent deals show what is possible and at what price
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Kevin Warsh's speech at Jackson Hole has pushed up borrowing costs for dollar issuers
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Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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◆ Fourth euro tier two offering in a row ◆ Doubts about French FIG demand dispelled ◆ Short non-call period appeals to other financial institutions
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◆ German utilities firm debuts hybrid bonds weeks after first senior deal ◆ Books shrink as issuer pushes tight ◆ Trade lands inside peers
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Covered market provides 'the deepest pocket of demand' among FIG asset classes
