Currencies
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◆ Quick intra-day trade was ‘right thing to do’ ◆ Tough decision on the starting level ◆ Smaller issuers’ spread to larger peers key to pricing -
◆ National champion expected to reopen market ◆ Investors could prove 'selective' ◆ Premiums to factor in higher transaction costs
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◆ US firm picks euros to refi dollars ◆ Investors see whipsawing arbitrage between currencies ◆ General Mills deploys bookbuilding tactics designed to sooth investors
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◆ Short week starts on stronger footing ◆ Gasunie lands with single digit new issue concession ◆ But high order book attrition is on display
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Supply expected to skew shorter after recent borrowers opted for the long end
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Ex-Credit Suisse banker joined Ares in 2023
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◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
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Public sector funding options less sure after swap spread gyrations and hit to confidence in US
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Three headed to market on Thursday
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Syndicators do not expect an easy ride but are hopeful inflows remain supportive
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Intraday alll the way as eurozone and non-eurozone covered issuers consider market
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◆ A new social bond issuer is born ◆ Agency opts for domestic currency for debut, keen to print again ◆ First Swedish SSA with a social use of proceeds bond
