Currencies
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French political concerns and geopolitical twists chilled sentiment with no new unsecured deals on Tuesday -
◆ Norwegian utility prints 13 year green bond ◆ Deal lands in the mid range of guidance ◆ Selective tone in a softer backdrop
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◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs
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◆ Deal follows Honda's $2bn issuance in September ◆ Modest tightening in a weaker credit market ◆ Auto sector tone improves as tariff path clarifies
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The Canadian borrower recently landed its tightest ever deal in US dollars
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◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance
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Issuer completes its final euro deal of 2025 and plans to hit the ground running in January across dollar, sterling and Swiss francs potentially
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◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs
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Improved market and political backdrop tempts insurers to push on with strategic debt capital financing
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◆ Flow picking up in quiet sterling market ◆ CMA's redetermination unlikely to change credit metrics for UK water companies ◆ Logistics real estate issuer kicks off euro green bond
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Scarcity value helps to drive premiums down and cover ratios up
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Domestic names bring duration as earnings blackouts loom
