Currencies

◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted

◆ Deal comes earlier than expected ◆ 20 new investors, including a European supranational ◆ Two green bonds done this year

◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values

Falling interest rates push spreads wider

Issuers said to have this week 'withdrawn' planned covered bond sales will look at later window

Market participants weigh up how to evaluate Spain-France inversion and outperformers like Portugal and Greece

Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle

◆ September was second busiest month for FIG issuance in 2024 ◆ US insurers raise debt ahead of bank earnings ◆ Banks set to print from second part of October

Latin American supranational extends its curve with second Swiss visit of the year

US election and earnings blackouts slam breaks on busy year

◆ French lender issues three senior preferred Samurai tranches ◆ Despite benefit of diversification, deal comes very close to a new euro deal◆ Investor demand concentrated at the short to middle part of curve

◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers