Currencies

Belgium and two European agencies also mandated, even as the US and Iran failed to reach a peace deal

◆ Amazon preparing six tranches in Swiss francs ◆ Alphabet preps first yen bond ◆ Rising capex driving hyperscalers into new funding lanes

◆ Food group issues euros to finance dollar tender ◆ Low single digit concession offered ◆ Dairy firm Arla preps euro debut

Victoria Power Network makes first appearance in the currency

Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing

Heavy issuance met firm demand, though investors are growing more selective

FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off

FIG issuers have shown that investors are ready to absorb all the supply that comes their way

◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value

‘Whole curve open’ for SSA issuers but seven year point stands out as ‘interesting’ spot amid euro curve shape shift

◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession

Nofal Shehzad at Eurofima and Antonio Gómez-Chaparro de Luna at BNP Paribas discuss the supranational's recent euro deal