Currencies

Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars

United Utilities, Securitas and Klépierre come on usually quiet day

Bankers highlight that the German Pfandbrief market is 'well protected'

◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund

Signs of indigestion in the market after record buying from investors

Nothing on horizon to hold market back once earnings blackouts end

German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo

◆ High oversubscriptions despite tight pricing show investors’ eagerness to buy FIG ◆ RBI prints a day after announcing potential Belarus exit ◆ Mizuho’s long 10 year confirms bid for duration

◆ French bank raises €500m from a 12 year non-call seven tier two social bond ◆ Strong demand for FIG capital pushes final book to €5.6bn ◆ UBS returns to Singapore with fresh AT1

Borrower first to brave the tenor, and sees bulging order books as a result

Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week