Currencies
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German government will spend €108bn on military next year -
Bloc finishes 2025 bond issuance at €153bn, H1 2026 funding plan moves into focus
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◆ Singaporean bank issues first sterling covered since September 2024 ◆ Places £750m on £850m order book ◆ Bankers view deal as flat or just inside fair value
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◆ First deal in sterling since UK budget ◆ Book falls as deal prices tighten ◆ More sterling supply expected before Christmas
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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Several investment grade companies have issued sizeable Schuldscheine this year
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Crédit Agricole and DekaBank take centre stage in Swissies as domestic names go quiet
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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Company's relationship banks provided the funding
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Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
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◆ Fourth French bank senior deal in a row this week ◆ Smaller issuer times execution to follow bigger banks' prints ◆ Arkéa's third senior preferred deal of 2025 is prefunding
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
