Currencies
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◆ Sentiment towards CRE exposed issuers far cry from February 2024's lows ◆ Aareal eyes replacing AT1 it has extended since April 2020 ◆ Switches from euros to dollars due to costs -
◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
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January issuance from CEE FIG borrowers got off to a good start
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◆ RV in sterling turns less favourable for issuers ◆ Investors 'underwater' on recent deals ◆ Asset managers see 'no fundamental change' in UK financials from higher Gilt yields
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ Relative value versus covered bonds reduces senior paper's appeal ◆ RBC prices flat to USD curve ◆ Spread differential to other CAD issuers
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Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal
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Portuguese utility's books bulge and its spread zapped in
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◆ Rival bankers disagree on fair value ◆ Technicals favour senior-non preferred ◆ LBBW mandates euro SNP deal
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◆ German Land's issue sets new record ◆ Yield, spreads both attracted ◆ Both real and fast money keen to get paper
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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Risk shifted from lending banks to insurance companies
