Currencies

Borrowers should show more discipline if they don’t want to risk undermining all the investor work they have done

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024

◆ First Reg S/144A floater ◆ ‘Good demand’ for short end FRN paper ◆ Issuer takes size at upper end of target range

“A distressed exchange over the coming months is now a highly likely scenario”, says Moody’s

French real estate developer is on BBB- with a negative outlook

◆ Three year bond cost ‘flattish to euros’ ◆ Tight Treasury spread? No bother ◆ €10bn left to do of €80bn target

◆ Orders increased after some investors waited to see final spread ◆ Fair value 'difficult to determine' amid widening backdrop ◆ NIPs have risen

Supranational navigates a tough market to take target size with SAB at an attractive level

◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price

◆ Swiss Life resuscitates euro capital issuance ◆ Rarity, company size help drive price through fair value ◆ Sogécap avoids French concerns