Currencies
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Rising supply and a lack of secondary market performance put investors off covered bonds -
New issue concessions creep up as smaller, less liquid issuers suffer
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◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days
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◆ IDA navigates busy dollar market ◆ IFC deal ‘ticked a number of boxes' ◆ Size important for IDA, while not the objective for IFC
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Borrowers fill screens on Thursday after poor market open a day earlier kept issuers away
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◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period
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◆ Cades has a 'strong outing' ◆SEK tightens 3bp and still manages to upsize ◆ Tight US Treasury spreads but 'no let up in buying'
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◆ Big orders and minimal premium for senior sale ◆ NatWest brings affordable housing bond ◆ Dutch debut from Triodos
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◆ Two new dollar deals push European weekly tally to 10 notes ◆ ING goes for Reg S docs... ◆... as UBS eyes sub-7% pricing with global offering
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◆ More tightening ‘doesn’t feel like the right thing to do’ ◆ New framework maintains dark green rating ◆ Dollar FRN on the table
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Potential Gilt volatility prompts market debate
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◆ Record size, record book and record investor offers ◆ UK financial year syndication target 80% complete ◆ Demand diversity ‘very notable’
