Currencies

◆ Three banks show keen desire to close strategic capital deals before November ◆ 'Outsized bid for high beta' continues to drive buyers to tightly priced capital ◆ Belfius prices in euros and SEB goes for dollars

◆ Large order book as rates curve lures buyers ◆ Double 'scarcity' value also a factor ◆ Bankers debate new issue premium

IG corporate buyers awash with cash on the lookout for opportunistic euro trades

◆ French govvie performance to support sentiment ◆ Recent French covered bonds spotted tighter ◆ Fair value considerations revealed

Trio of green Swiss franc trades supported by ESG demand

◆ Friday execution seen as precursor of issuers' keenness to print before US vote ◆ Handelsbanken issues rare green tier two with no new issue premium ◆ Swedbank comes close to fair value, if not a touch above, in first euro senior non-preferred of 2024

More Friday deals a possibility as volumes are expected to pick up after the US election

Embattled water company already has £1.5bn backstopped as it fights for its future

Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers

Possible fundamental changes to troubled UK water industry to send a chill through bond market

◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload

Abnormal trend expected to continue posing question for FIG treasury officials