Currencies
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◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal -
◆ Risk sentiment extends nosedive ◆ Corporate issuers shrug it off, paying small to negative new issue concessions ◆ Orders remain sticky
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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Pfandbrief split across four tranches spanning 3.4 to 23.6 years
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◆ New 10 year launched in big size ◆ 2bp premium paid, ‘business as usual’ ◆ Will the deal open the floodgates for euro SSA deals?
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As US exceptionalism wavers, corporate bonds become the haven for bruised money
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◆ Deeply subordinated issuance shows resilience ◆ Bank of Ireland completes AT1 funding but tightening brings ◆ Crédit Agricole's insurance arm plans debut RT1
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Bloc to open new 10 year line, first syndication since Europe’s ‘ReArm’ moment last week
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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◆ Order book holds as premium paid ◆ Arb versus dollars considered ◆ 'Highly granular' buyers
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Issuers will probably have to ‘re-establish’ new issue premiums at a higher level
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Renault's car financing arm extends duration at a tighter spread than where it issued similar capital last year
