Currencies

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

Rating changes to EFSF, French agencies yet to come, impact expected to be minimal

◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints

Domestic issuers crowd screens in Switzerland

Demand supported by resurgent asset manager bid

Issuance recovers from last week’s wobble but concerns linger after issuers like KfW widen

US FIG issuance spikes above $90bn ahead of expected Fed rate cut

'Great' market conditions are not immune to central bank surprises and fund inflow changes

Market participants hope more jurisdictions will follow as Canadian duo attract record demand

There is no sign of investor appetite for new CEEMEA bonds slowing down

KfW's Piet Jürging and Petra Wehlert discuss recent deals and the dollar's competitiveness