Currencies

Supra prints largest social bond in history, revisits Swiss francs after decades

New banks join borrowing base and term loan

German agency is now about 25% funded, and with greater currency diversification compared to last January

SSA spreads present the only major hurdle for rampant covered bond revival

A rush of US banks hit the primary market after full year earnings reports

Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery

January volume spike makes no dent in mountain of cash investors are sitting on

◆ Austrian issuer ‘monetised’ recent bonds’ performance ◆ Spread to KfW smaller than usual ◆ Book was of top quality

◆ Dollar before euro for 2025 ◆ Record book, record size ◆ Savings of at least 2bp-3bp versus euros

◆ First US bank to print in euros this year ◆ Goldman's first issuance in single currency since 2022 ◆ Book nears €10bn

◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity

◆ Danish lender raises €2.25bn of bail-in debt in one go ◆ Offers visible premium to lure investors for its acquisition funding of Spar Nord Bank ◆ Issuance strategy positively deviates from the past