Currencies
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◆ Regular Australian dollar presence planned ◆ Asian, Aussie and Kiwi investors dominate ◆ Premium paid over euro funding -
Financial markets worried about spillover from Thames Water being junked to rest of the sector
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Which assets will dominate when issuance returns depends on whether borrowers choose to tackle their more difficult trades first
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Sector has 30% of its annual needs left to fund and the signs are positive for the race to year-end
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Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
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The regional water companies are way riskier than they’re being given credit for
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Sterling deal on the table for rest of the year, with similar target and strategy for 2025
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Boon for UK water issuers as Thames woes look contained
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◆ The A$750m deal, bankers say, shows rise in European Kangaroos ◆ Deal clears despite heightened volatility elsewhere ◆ Oversubscription concentrated in one tranche
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Sell-off in US tech stocks hits markets far and wide
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Strong domestic demand keeps pricing tight despite interest rate uncertainty
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Issuer loses pricing momentum after 15bp-20bp of initial tightening as peer Thames Water junked
