Currencies
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‘Resilient’ public sector stands ready to get back in action with dollar and euro deals -
US stocks have been the big loser, while European banks could reap profits
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Agency has funded around 50% of its €65bn-€70bn programme
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Trading activity and primary performance show covered bond robustness
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Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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Some borrowers eye depth of US dollar market, while others anticipate 'orderly impact' on euro spreads
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◆ Agency prints ahead of 'Liberation Day' ◆ Proactive approach to funding this year leaves issuer in good place ◆ Ten year euro social bond still in pipeline
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All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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◆ Some question timing ◆ Source close to deal defends outcome ◆ Debate on how much inaugural issuers should pay up
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder
