Currencies
-
International issuers look to Swissies for diversification, even if costs are higher -
◆ New environmental bond had a large size ◆ Book size was another record ◆ Pricing was close to the tightest European names
-
Issuers leave concessions on the table as investors look more closely at individual names
-
New issue premiums evaporate as investors lap up yield and spy top of rate mini-cycle
-
Merck & Co and Ecolab Inc raised a combined $11bn as they took advantage of strong investor demand and tight spreads
-
Tight spreads are offering attractive funding climate for foreign as well as diverse US financial institutions, including those exposed to private credit
-
Peace agreement will be needed to restore normal enthusiasm
-
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
-
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
-
◆ Five year dollars 'road well travelled' ◆ Fair value estimated ◆ Pricing 'straightforward' given plenty of comps
-
◆ Defence firm's first deal in 16 years could entice more to follow ◆ Strong bid fuels price move ◆ Hedge fund demand debated
-
◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance
