Currencies
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◆ Issuer plans regular appearance after 'warm welcome' ◆ Two euro bonds yet to come ◆ Inaugural covered deal not expected until late 2027 -
◆ Five year dollars preferred over euros ◆ New US investors in book ◆ Zero coupon structures suit ALM needs
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◆ Pearson pays up to reopen UK sterling paper ◆ Investors hungry for scant sterling supply ◆ Fellow UK media firm Informa opts for euros
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Hong Kong dollar issuance grows 33% year-on-year in private placements
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◆ Sentiment improves after ceasefire extended ◆ Handelsbanken nears record tights ◆ Jyske Bank attracts €3.3bn of orders
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◆ Issuer typically funds in dollars ◆ ESG euro bond had been in the pipeline ◆ Premium paid to leave room for performance
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◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
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◆ Norwegian issuer returns to hybrid market after 2023 debut ◆ Issuer slashes spread by 62.5bp ◆ €5bn peak book drives pricing through fair value
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◆ Vaccination provider prints first dollar benchmark since 2024 ◆ Trade offers pickup over supras ◆ New issue premium estimated
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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
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◆ Rival banker had expected attrition but order book grew ◆ Sustainability bond CDC's first euro benchmark of year ◆ New issue premium estimated
