Currencies
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The US dollar market buoyant this week despite escalating hostilities in the Middle East -
Middle East conflict alarms investors, though money is still plentiful
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Shrinking books 'nothing to complain about' as market values quality not quantity
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Inflation fears and rate volatility keep euro issuance at bay
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Better cost and less execution risk convince issuer to stay in euros, but at least one dollar benchmark to come this year
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Issuer shares experience in executing in a volatile market and how taking a bit of extra risk to issue in dollars as a euro-based issuer paid off
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Corporate and unsecured financial issuance unlikely to restart in earnest as yields climb
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Facility refinances loans signed in 2022 and 2023 with multiple institutions providing the financing
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FIG issuers pile into front to mid-end floaters in private placements across currencies
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Consortium of four banks provided financing with one bank new to deal
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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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◆ Issuer's second dollar bond in 2026 ◆ NWB’s deal from previous day was 'very helpful' ◆ Pricing was 1bp apart, perfectly normal
