Currencies

◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies

Huge order book allowed the issuer to increase size of five year dollar trade

◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits

Swiss commodities firm has deleveraged thanks to elevated free cash flow

◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades

Issuer had already pre-funded in dollars earlier this year

Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin

Books for the jumbo €5bn deal were more than three times subscribed

◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid

◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread

◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding

◆ Bond tightens in grey market after record Treasury level ◆ Goldilocks scenario drew investors ◆ Canadian SSAs back in dollars