Currencies
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Emergency funding with sky high costs threatens to cut off more meaningful support -
Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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Relative value mismatch between core and non-core issuers is one of many concerns
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Blowout month for euro high grade benchmark corporate issuance
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Mixed response to public investment-focused budget did not dent demand for French utility
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Euro loans could outperform despite offering lower coupon payments than in dollars
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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We would welcome your feedback on the outlook for the SSA market
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◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’
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Loan to support clean energy transition and increased by nearly a third of the existing facility
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Investment grade companies issue €20bn of euro bonds this month
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Streak of high-yielding FIG credit attracting ample demand has been broken
