Currencies
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More Friday deals a possibility as volumes are expected to pick up after the US election -
Embattled water company already has £1.5bn backstopped as it fights for its future
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Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers
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Possible fundamental changes to troubled UK water industry to send a chill through bond market
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◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload
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Abnormal trend expected to continue posing question for FIG treasury officials
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Investors would rather buy SSAs than covereds, say bankers
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Borrower follows Engie in getting big book for a sterling deal this week
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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New facility double the size of deal being refinanced
