Currencies
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Pent-up demand for first sterling covered deal in three months fuelled the tight outcome -
Plastic Omnium and a Telefónica hybrid get healthy oversubscriptions
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Settlement moved to March 8 after S&P reduced the firm's outlook to negative
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◆ ‘Rare beast’ of a spread drives demand ◆ Deal increased as order book swelled ◆ Cross-currency basis has kept issuance at bay
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◆ Dutch insurer refinances legacy tier one at negative NIP ◆ More insurance deals expected across capital structure ◆ Smaller European bank tier twos prove strength of FIG market
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◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility
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Wind company spins order book more than five times deal size
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£500m no-grow trade the first in sterling for three months
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Issuers from Japan to Denmark drum up a combined €21bn of orders on frenetic day
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“Pretty much fair value pricing” for triple-A rated sovereign
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German sub-sovereign brings new deal as investors distracted by busy FIG market
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Only ‘something really stupid’ could derail red hot covered bonds
