Currencies
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New issue premiums are needed after a difficult week to sweeten post-US election issuance prospects -
Post-Budget inflation fears have led to a surge in UK government bond yields
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Junior creditors propose cheaper offer to Class A deal
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Final high grade dollar deals slip in before US election
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Emergency funding with sky high costs threatens to cut off more meaningful support
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Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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Relative value mismatch between core and non-core issuers is one of many concerns
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Blowout month for euro high grade benchmark corporate issuance
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Mixed response to public investment-focused budget did not dent demand for French utility
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Euro loans could outperform despite offering lower coupon payments than in dollars
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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We would welcome your feedback on the outlook for the SSA market
