Currencies

◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed

◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper

◆ 'Helpful messaging' matters ◆ Attrition rate higher than recent tier twos ◆ Some saw negative concession

◆ NIB, IADB, CEB price bonds ◆ Busy week drains liquidity from market ◆ Treasury spreads at 'historic' tights

The company has refinanced and increased its loan by another €100m

◆ ‘Decent book’ 5.3 times covers deal ◆ Third govvie to bring a deal in two days ◆ Valuation still tight versus most peers

◆ Books bulge for three year deal ◆ Sizes and new issue concessions reflect demand differences ◆ Trade comes amid major data dumps

◆ European and US growth figures released during bookbuilding ◆ Demand proves decent for EDF ◆ Worries bubble up that market is not pricing in risk properly

European FIG issuers should consider a more disciplined approach to borrowing

◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed

◆ CIBC takes large share of the covered bond limelight as market tone improves ◆ SEB returns to euros for the first time in two years ◆ Outcomes likely to attract other issuers, say bankers

◆ Debut deal from Google owner ◆ Combined peak demand hits €31.5bn ◆ Curve steepens by 3bp during book building