Currencies

Hydropower plant's ambitious 10 year deal priced inside fair value

Vienna-based supranational hopes to maintain regular issuance as it plans to gradually fund more in coming years

Participants anticipate a push to 15 year frontier in covered bonds as duration demand drives all of FIG

◆ New York Community Bancorp reports loss and shares tank, prompting fresh fears for health of regional banks ◆ January ends strong month for US FIG issuance ◆ European Yankees expected to return from next week

Shunned sector welcomed back into the fold after overperformance this year, but borrowers holding back

◆ Deal works for all as issuer gains better standing with rating agencies ◆ Stream of FRNs helps with fair value assessment ◆ Green element lowers issuer’s borrowing costs

Early exit from blackout brings first mover advantage, as Swiss market shows it can offer size

Trend for wider starting price thoughts comes into question

Italian company is latest in a string of deals to get glowing reception from deal starved market

◆ Deal priced tight by a number of metrics ◆ Hefty oversubscription shows robust demand for FIG capital ◆ Trade clears flat to fair value compared with 10bp-15bp NIP for senior preferred at start of January

Investors with short dated needs finally fed a deal

Demand continues to far outstrip supply in IG corporate market