Currencies
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◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow -
Large loans expected to help meet sizeable capex needs
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◆ Issuer takes advantage of capped size ◆ Rarity element provides tailwind for tight pricing ◆ Others take different markets as Nordea stays local for AT1 and Allianz eyes dollars for RT1
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◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
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◆ Issuer takes 'pragmatic approach' ◆ Premium paid debated ◆ Bank treasuries target key level
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◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
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Dollar and euro benchmarks from top trio will test demand post-summer once again
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◆ Summer trade rewarded peak orders of five times deal size ◆ Deal lands through fair value at 33bp over mid-swaps ◆ Euro IG credit spreads reach new tights
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Company looking to become a frequent face Down Under
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Meanwhile, corporate issuers pile in after Roche deal
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Issuers shift the primary market equilibrium in their favour but questions raised whether it can last
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More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near
