Currencies
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Banks crowd the short end in another busy week for private placements -
◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated
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◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value
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Four sectors emerge with strong pipeline for Tanzania, Uganda, Namibia and Mauritius
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◆ Order books rise above €21.9bn at launch ◆ Longest maturity draws biggest bid ◆ Mitsubishi taps short end with €500m deal
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◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
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British-German publisher is a first-time Schuldschein issuer
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Dollar pipeline questioned as private placements slow
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◆ Euronext pushes short end sale tight ◆ Smurfit Kappa secures demand with new issue premium ◆ US logistics firm GXO debuts in euros
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New issue premium paid debated ◆ 'A lot of market' had expected dual tranche ◆ EU duration and funding needs questioned
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◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning
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◆ UK regional lender refinances AT1 from 2021 ◆ £650 final book ◆ Market participant predicts wind down of 2025 primary issuance beginning
