Currencies

Investor demand for longer paper allows both issuers to price tight

Separate listing planned for September

High volumes issued as bond market pushes through geopolitics

◆ Pace of FIG issuance in the US slows down ◆ Nordea the sole Yankee financial issuer this week ◆ Local insurers make up the rest of the primary action with senior and subordinated offerings

Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets

Investors are hungry for any paper offering more than 3%

◆ CA experiences big drop in orders ◆ BCP struggled to tighten from IPT ◆ FIG deals struggle even as corps succeed

◆ Difficult FIG execution was less pronounced in the senior market ◆ New type of offerings from BNP Paribas and Islandsbanki receive strongest reception ◆ AIB's mid range holdco lifts lower volume

◆ First new benchmark from the issuer in two months ◆ Record IOIs but pragmatism remains ◆ Investors welcome MDBs back in primary after recent Trump noise

◆ Nineteen times covered books for €3bn of taps ◆ Shorter, older bonds replaced by long ones ◆ ‘Clever trade’ and ‘very precise pricing’ as a result

◆ Priced off recent peer issue ◆ New levels found after swap spread moves ◆ Deal twice subscribed

◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market