Currencies
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow -
Corporates pump out another day of deals to the envy of other markets
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Issuance comes after a brief lull in foreign borrower activity
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◆ Inaugural bond expected early next week ◆ German deal secured against Dutch mortgages ◆ Deal expected to be popular despite quirks
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No-grow tag added to modest size in latest bond to finance €8bn Vodafone Italia purchase
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Increased deal sizes and long-end interest suggests market still buoyant, say bankers
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Strong demand sees skincare company raise Sfr500m with Swissie debut
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◆ Last dollar benchmark of 2024 is a five year ◆ Spread tightened despite tight start ◆ ‘Very strong print’ at a ‘carefully chosen spot’
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◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation
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Talks with borrowers suggest more to come and primary market will be ‘busy until October’
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◆ Rare Viennese issuer in second subordinated foray of the year ◆ Has to pay premium for returning so soon ◆ Finnish insurer refis called capital
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◆ US insurer’s very rare deal prompted by improved cross-currency relative value ◆ First unsecured and covered sterling deal since June… ◆ …increases hopes for more to come
