Currencies
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◆ Issuer takes 'pragmatic approach' ◆ Premium paid debated ◆ Bank treasuries target key level -
◆ 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
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Insurance firms and less frequent borrowers dominate issuance
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New issue premiums to be small or negative
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Core Europe to lead the charge but without German issuers
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Corporate borrowers took advantage of tight spreads in the dollar market while investors poured cash into new issues
