Currencies

◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms

SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying

Smaller and lower tier bank issuers are enjoying extremely favourable funding conditions, with some able to choose between markets

Issuer estimated 2bp of premium, while onlooking bankers saw 0bp-2bp

Although investors want sterling risk, issuers are not queueing up to issue

◆ Nationwide to grow asset size by a quarter ◆ Affords to pay 38% premium thanks to top ranking CET1 ratio in Europe ◆ Strong rally of Virgin Money bonds suggest acquisition likely to proceed

Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads

◆ French bank adds Swissies to Singapore dollars and euros in ‘relentless’ issuance spree ◆ Funding boss Perrier discusses diversification aims ◆ Private trades across markets identified

French bank aims for size over price, but lands in line with euro funding sources

◆ Iceland’s Landsbankinn finds 'insane demand' ◆ Danish Arbejdernes Landsbank ‘slow’ progress blamed on unfamiliar name ◆ Fast money shows price sensitivity to SR-Bank trade

The long zone is wide open, but access is limited to names with strong followings

Sub-sovereign continues to chip away at its €9.6bn annual programme