Currencies

The yen debut ended a record year for overseas bond issuance

◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election

Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market

Bloc prices another blockbuster after launching repo facility as it adapts to shifting relative value in pursuit of sovereign status

Rachel Reeves's first Budget needs to pass the Truss test and avoid spooking the Gilt market

Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs

Issuer almost alone among US and European companies in market this year

◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’

◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand

◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity

◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers

◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky