Currencies

Meanwhile, corporate issuers pile in after Roche deal

Issuers shift the primary market equilibrium in their favour but questions raised whether it can last

More steepening expected for both govvie and swap curves for rest of 2025 as crucial date for Dutch pension reform draws near

Insurance firms and less frequent borrowers dominate issuance

New issue premiums to be small or negative

Core Europe to lead the charge but without German issuers

Corporate borrowers took advantage of tight spreads in the dollar market while investors poured cash into new issues

◆ Bank issues two deals a day after record earnings ◆ Week's fourth euro tier two ends with largest demand ◆ Earlier senior bond achieves highest-ever book for an Australian dollar credit trade

Short dated vanilla paper led the flow in dollars and euros this week, with local currency clips adding breadth

SLL issuance is down this year but the decrease has narrowed, helped by June and July issuance

Large new issue premiums 'not needed' as secondary spreads keep tightening

Belly of the curve likely to be most active, but anything from three to 10 years is doable