Currencies
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Market participants are invited to give their views on the outlook for covered bonds next year -
Financial borrower pushes close to fair value as investors flock to five year note
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Irish cladding company drums up €3bn of orders weeks after Grenfell Inquiry calls company 'dishonest'
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Supply eased in recent weeks after late summer burst
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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Borrower swaps £450m facility with £500m deal
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◆ UK lender deal beats expectations amid limited competing supply ◆ Issuing in euros was cheaper than sterling ◆ Italy's BFF Bank returns to bond market but pays more than in April
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
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There have been net outflows from European IG credit during just three weeks this year
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◆ US bank brings sizeable sterling deal ◆ Fair value debated ◆ Bankers say sterling starved of supply
