Currencies
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Issuer left with ‘a lot of flexibility’ after actively pre-funding earlier in the year -
◆ Issuer looked to gain from ‘plenty of cash around’ ◆ But some names more welcome than others ◆ Bankers agree on new issue premium
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Spanish utility company will use loan for wind, photovoltaic and battery projects
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Spreads edge wider but treasurers’ trade body says inflation is still the main focus
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A good sign for primary issuance as inflows pour into credit funds
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Investors show they are still at their desks during the most illiquid weeks of the year
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Agency could issue two to three more bonds, probably spread out over coming months
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◆ Average benchmark tenor up from 2023 ◆ Seven years proves popular ◆ Longer dated deals look unlikely
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Industrial gas maker taps the SSD market for the first time in biggest deal of the year
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Market focusing on rates decisions and potential wave of late-summer primary supply
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◆ Orders balloon during US hours ◆ Bookrunner and rivals differ on fair value ◆ Bank viewed as ‘increasingly friendly’ on AT1s
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◆ Lender raises €1bn of seniors a day after compatriot ◆ Pricing tight but less demand than for first mover ◆ Slim concession, if any
