Currencies

◆ Both borrowers undertake roadshows to market inaugural bonds ◆ Timed to beat weekend and take advantage of improved sentiment ◆ Standard maturity targeted

◆ Japanese telco brings deal after two day roadshow ◆ Shorter tranche leads demand ◆ Italgas pushes through with €750m six year

Korea Land and AIIB pick off small Swissie trades

Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play

Iran ceasefire rally could draw out more issuance before expected May rush

Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans

Foreign bank issuers secure tight pricings

◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead

◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally

Middle East turmoil is giving Asia-Pacific corporate borrowers another reason to look west

◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway

◆ Minimal premium paid ◆ Size at top of range ◆ Issuer seizes upon stability