Currencies
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◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days -
◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid
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◆ Return to 10 year gets deep demand ◆ Spread vs peers had tightened ◆ 'Quite exceptional' primary markets
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◆ UniCredit finds ample demand for dual-trancher ◆ First issuance since Moody's upgrade ◆ NatWest leaves 2bp of NIP for investors
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◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty
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◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
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World Bank tops 2025 issuer rankings for private placements
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◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid
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◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
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◆ SSA pair go head-to-head in rare move in euro 10 years ◆ 'Not the norm', but made little difference ◆ Both deals very large and popular with investors
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◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession
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◆ Duo adds to ADB and DBJ 10 years from Tuesday ◆ Good sizes and quality books for both ◆ $7bn long-dated dollar bonds already sold, CAF still to come
