Currencies
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Initial deal docs came with ability to switch to sustainability-linked loan -
Borrowers pay just a handful of basis points in concession on average
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CBQ and Sulzer draw strong demand from investors seeking yield
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Storied credit continues capital market rehabilitation with deal marketed on a spread basis, rather than yield
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◆ Issuer takes advantage of the duration bid ◆ Print close to fair value, if not inside ◆ Smaller compatriot Spar Nord Bank readying green debut
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◆ Singaporean bank prints more than originally targeted ◆ Slim premium paid for size ◆ Deal bought forward to avoid competing supply
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Issuance is expected to rise before the US election, after several borrowers decided to come to market in advance of the Fed meeting
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Favourable conditions could encourage pre-funding for 2025
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It’s who buys the bond, not how much they pay that counts
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Higher yields, through senior duration and capital, to support prefunding demand
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At least one issuer considers 10 year but spread dynamics could be off-putting
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Problems at BMW and VW weigh on the sector amid contagion worries
