Currencies

Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers

Possible fundamental changes to troubled UK water industry to send a chill through bond market

◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload

Abnormal trend expected to continue posing question for FIG treasury officials

Investors would rather buy SSAs than covereds, say bankers

Facility will be used to provide mortgages

Borrower follows Engie in getting big book for a sterling deal this week

◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration

◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact

New facility double the size of deal being refinanced

Market participants are invited to give their views on the outlook for covered bonds next year

Financial borrower pushes close to fair value as investors flock to five year note