Currencies

Home advantage sees total issuance for May exceed Sfr3bn

Santander shows big AT1 deals work best alongside tender offers

Going longer doesn’t seem as steep when everything is elevated

◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN

Rampant bid but issuers likely to wait for spreads to tighten

Small deal sizes but ambitious maturities tipped as route to success

◆ 'A nice print' say rival bankers ◆ US bank raised €2.25bn and 'could have taken more' ◆ Green FRN label questioned as 'nobody cares'

Another €34bn needed to reach recent average for month, and next week is only one without holidays or central banks

Crowd of issuers finds deal windows as backlog starts to clear

Another German agency achieved a greenium to follow on from KfW deal

As spreads grind tighter on the latest negative event, it is time to bet that they have further to go

Market relishing a week without holidays as banks come out of blackout