Currencies
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Development bank now 82% funded for the year -
◆ Transaction 'looks attractive' say analysts ◆ Issuer 'bondholder-friendly' ◆ US market 'remains open'
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◆ German banks raced out of the blocks this year ◆ Slower loan book growth to damp supply ◆ Pfandbrief spreads unlikely to tighten
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Agency attracts big book and raises $1bn with inaugural print
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◆ Regular Australian dollar presence planned ◆ Asian, Aussie and Kiwi investors dominate ◆ Premium paid over euro funding
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Financial markets worried about spillover from Thames Water being junked to rest of the sector
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Which assets will dominate when issuance returns depends on whether borrowers choose to tackle their more difficult trades first
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Sector has 30% of its annual needs left to fund and the signs are positive for the race to year-end
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Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
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The regional water companies are way riskier than they’re being given credit for
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Sterling deal on the table for rest of the year, with similar target and strategy for 2025
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Boon for UK water issuers as Thames woes look contained
