Currencies

Investors are hungry for higher yielding FIG bonds

European insurers' debt issuance volumes are forecasted to increase by 50%-90% this year, with a steady flow of deals from the second quarter. The question is how much of this will be net new capital?

◆ Mizuho and Westpac NZ the only FIG issuers in dollars this week ◆ After each raised $1.5bn in dual tranchers, monthly volume pushed to $28bn ◆ Market focus also on Capital One's acquisition of Discover

◆ FRN format stays open as single tranche deal draws €2.4bn of orders ◆ Investors range from money market funds to asset managers

Strong outing from supra despite swap-spread vol

NWB Bank lands all-time record book

Three borrowers head to euros to fund M&A activity

◆ High yielding deal covered more than nine times ◆ Allows Investec to raise around £100m new capital after factoring buy-back and refi of old AT1 ◆ Strong market sentiment suggests tightening ahead

SLB-only issuer defends against wider investor complaints about small penalties for missing targets

Up to two visits to primary market planned each year, but senior unsecured is not on the bank's radar

French bank is a force in covered and overseas unsecured issuance

Issuers tipped to pile into the market from next week