Currencies

With no ECB there to offer boundless liquidity, some are warning of scares in secondary

Convincing banks to print is the barrier to issuance

Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift

◆ Japanese lender moves first in dollars before CPI roils rate cut expectations ◆ Conditions stabilise by Thursday as Jefferies brings its largest bond ◆ New supply to follow April 12 bank earnings

Pricing from swap curve has taken a firm hold in 2024

◆ Investors show price-sensitivity in build-up ◆ Seven times subscribed ◆ Final spread ‘was sensible’, say leads

Signal of June rate cut was expected

Issuer passes 70% funding mark after upsizing in social format for the first time

Handful of covered and unsecured deals could arrive early next week

Issuer intends to focus on conventional dollar bonds but euros and green deals are also possible

Shorter, busier issuance windows make credit updates essential, say issuers, bankers and investors

Swissie market offering pricing benefits to issuers willing to go longer