Currencies

AFD's Thibaut Makarovsky discusses recent dollar deal

◆ Junior note lands tight to Class As ◆ No concession needed ◆ Lack of sterling supply allows for tight pricing

◆ US tech giant prints largest euro IG corporate trade of year yet ◆ 12 year's spread tightens hardest ◆ Issuer also priced a $3bn deal

◆ Issuer moves swiftly to fund hours after posting quarterly earnings ◆ Deal sets tightest multi-year spread record ◆ Tight deal attracts 'broad-based demand' ahead of likely peer issuance

Second wave of issuers are considering their next moves

Wider currency mix helped meet demand for high grade paper with attractive yields from the region

◆ Peak book the largest for an IG corporate in sterling since early November ◆ Issuer takes size at a tight spread ◆ Wide range of fair values spotted

◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?

◆ First public bond from French insurance and savings manager ◆ Wider spread than major issuers' tier two levels secures big move from IPTs ◆ Demand close to €6bn

◆ CDC's Thibaud Grimard on dollar comeback ◆ issuer eyes Swiss franc and yen markets ◆ AFD makes it three in dollars

◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value

◆ Second euro social bond this year ◆ Book continued to grow between guidance and allocation ◆ Spread tightens 33bp to land near fair value