Currencies
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Issuance is expected to rise before the US election, after several borrowers decided to come to market in advance of the Fed meeting -
Favourable conditions could encourage pre-funding for 2025
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It’s who buys the bond, not how much they pay that counts
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Higher yields, through senior duration and capital, to support prefunding demand
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At least one issuer considers 10 year but spread dynamics could be off-putting
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Problems at BMW and VW weigh on the sector amid contagion worries
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Next three to four weeks key if issuers are to complete 2024 funding early
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◆ Pan-Nordic issuer ‘deliberately’ waits after the Fed ◆ Rivals’ rallying AT1s provide tailwind for price compression ◆ Investors keen on debt capital
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◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding
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Bankers sanguine about extension of QT programme
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Knorr-Bremse, Grenke and Voestalpine market new trades after 50bp move
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