Currencies

Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets

Final US big bank to raise dollars after earnings

Google owner returns to dollar market for first time since 2020 for joint tightest 30 year spread ever

Spring has finally sprung in the dollar market for SSA issuers printing at ultra-tight spread to US Treasuries. But questions raised whether it will last

◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty

◆ $9bn raised in one go, peers inspired ◆ ‘Very efficient’ dual-tranche serves issuer well ◆ Tight Treasury spread but 'where the market trades’ is important

◆ Less frequent and smaller Europeans return after Iccrea reopening ◆ Latest sub-benchmark Austrian deal adds issuer diversity ◆ CCF meets annual funding need

Lenders in Nordics say there is pressure to sign deals before 90 day US tariff reprieve ends

Issuer was originally looking at a $1bn trade but found healthy demand

Fiserv and Visa print across the curve with more tipped to come

◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed

◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper