Currencies

◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value

◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher

Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors

◆ Two-day execution gains outweigh volatility risk ◆ Buffer built into price guidance ◆ Callable book closed two days after monthly reopening

◆ Fatigue visible in sterling FIG as Westfield secured bond also grabs attention ◆ UniCredit funds in line with euros ◆ Nova Scotia comes flat to dollars

◆ ASN's tightest senior bond since 2021 ◆ Dutch lender becomes only the second FIG borrower to have issued more than one European Green Bond ◆ Deal comes hours before 'massive rally' ensues from opening of Strait of Hormuz

Third Canadian province to come to the currency this year

Growing pipeline and fiercer competition had threatened to shake the darling bonds of May

Investors maintain orders as issuers push tight, although some limits are appearing

Foreign banks took advantage of more stable bond market conditions amid a funding splurge by US banks after reporting bumper first quarter earnings

An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is

Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance