Currencies
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week -
At least one deal expected next week as issuers prefer unsecured bonds instead
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◆ Sterling SSA market active after slight yield widening ◆ Two day execution strategy helps impressive book ◆ Prices through peer
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Maire subsidiary will use loan for M&A and research
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
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◆ New issue concession debated ◆ Rival bankers highlight premium to private placement ◆ Tuesday expected to be 'super busy'
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Positive dynamic that started last year is still in place with issuance to resume next week
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◆ LBBW to price senior FRN soon ◆ A Friday euro FIG deal ‘cannot be ruled out’ ◆ Crédit Agricole makes ‘smart move’ to tap US dollars
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Senior could be in vogue for issuers amid covered weakness but bankers find reasons for optimism and seek first mover
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Bankers uncertain whether trades that didn't cross the line in 2024 will proceed
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Reduced supply means lower NIPs expected in IG corporates
