Currencies

Auto manufacturer's euro curve widens up to 11bp after it slashes estimated AOI margin

◆ Austrian bank returns to senior market with a green bond for first time since January 2023 ◆ Since then it has issued a covered bond and two types of capital ◆ New deal is longer and tighter than last year's funding

Fourth sovereign to print a Samurai in just over a month

Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt

Increased volumes and a widening trend are forcing public sector issuers out of euros

Some see order book attrition as a red flag but others argue it's healthy

Borrowers should show more discipline if they don’t want to risk undermining all the investor work they have done

◆ Issuer appears for first deal since 2022 ◆ Tight pricing against Austria ◆ Healthy demand helps Asfinag take home target size

◆ Insurance companies continue to pump tier two capital this week ◆ Banks opt for the most subordinated debt funding in dollars ◆ Small Smaller French insurer receives 8.8 subscription ratio despite French assets widening

◆ Deal has a large $2.5bn size ◆ Front end opportunity opens up ◆ €18bn raised so far in 2024

◆ First Reg S/144A floater ◆ ‘Good demand’ for short end FRN paper ◆ Issuer takes size at upper end of target range

“A distressed exchange over the coming months is now a highly likely scenario”, says Moody’s