Currencies
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Bankers uncertain whether trades that didn't cross the line in 2024 will proceed -
◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Reduced supply means lower NIPs expected in IG corporates
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◆ Bankers disagree on NIP ◆ IADB demand allows larger size ◆ AIIB releases sterling IPTs
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◆ One of the first SSAs out in 2025 ◆ Sterling social bond market underdeveloped ◆ Small new issue premium
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DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
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Missing Italian giants expected back in the OBG market next year
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Company has doubled its relationship banks
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◆ The sheep and the goats in UK water ◆ How EM loses assets but gains deals ◆ US corporates lean to euro bonds
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Should auld redemptions be forgot and never brought to mind?
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Ailing Thames Water got little of what it asked for, Southern Water a modest lift
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Benchmark funds will pile into core names but January order of business could change as spreads widen
