Currencies
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◆ Sterling covered bond follows AT1 and senior deals in US dollars ◆ Latest trade is the tightest Sonia covered of 2025 ◆ Comes amid visible recent performance in the asset class -
Sovereign prices flat to euro curve and 'well in line' with peers despite being less frequent in the currency
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Next FOMC meeting now 'more interesting' but front-end govvies trading fair, say market participants
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With issuers in earnings blackouts or nearing the end of their 2025 programmes, issuance slumped in October compared to the September rush
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Meanwhile UBS prepares to appeal court's decision that writing down Credit Suisse AT1s was unlawful
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◆ Juventus' majority owner attracts €3.25bn peak book ◆ Price discovery needed for rare name ◆ Range of fair values suggested
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Deal flow to resume next week with ‘pretty good’ demand to support issuance
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◆ Spanish lender completes full unsecured capital stack issuance in 2025 ◆ New deal lures growing demand ◆ Debate on new issue premium
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◆ Sovereign's second dollar bond since 2020 ◆ Deal attracts 'really high quality demand' ◆ Pricing in line, if not better than, euros
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◆ UK electricity brings 12 and 30 year sterling bonds ◆ Tighter spread on longer tranche ◆ Sterling supply from IG papers down 21% year-on-year
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◆ 'Rocking' book over 4.5 times covered ◆ Slim premium leaves room for performance ◆ Austrian undersupply supports demand
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◆ UK consumer goods firm prints seven and 12 year paper ◆ Issuer ups size on big demand ◆ Demand skewed towards the belly of the curve
