Currencies
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium -
Major supranationals were also active last week in the private market in ESG-labelled and local currency bonds
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The lender has landed inside a recent QNB trade in euros
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◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Borrower prices inside fair value ◆ Sub/senior spread less than 100bp ◆ Issuer accelerates funding to take advantage of good window
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Lower rates and ample cash reserves could drive deal momentum
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◆ Buyers flock to water credits ◆ Dual-trancher lands at the tight end of guidance ◆ Books hold at £3.1bn at final terms
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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◆ No premium needed for size ◆ Deal is Westpac's first in Swiss francs for over two years ◆ Foreign supply is down in Swiss francs this year
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◆ Gilts yields choppy amid PM leadership rumours ◆ Crossover of accounts drawn to linker trade ◆ 'Super strong trade' says lead manager
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◆ First ancillary tier one note ◆ Features unique reset structure ◆ $7.5bn of orders before reconciliation
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◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements
