Currencies
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◆ Last deal this year partly to pre-fund for 2026 ◆ Record book, record spread to US Treasuries ◆ Pick-up over top tier peers shrinks -
The issuance of bank hybrids underlined the continuing strength of the dollar market after the reopening of the US federal government
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems?
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Rocketing AI infrastructure spend set to drive more US tech giants to Europe for funding
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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
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◆ Good reception for new bonds despite company profit downgrade ◆ Negative premium on all legs ◆ Longest maturity draws biggest book
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Recent euro tap lured big order book amid scarce supply
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Lenders believe year ahead may not be as robust unless event-driven M&A takes place
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◆ 'Amazing,' says rival banker ◆ Lack of 10 year issuance helped ◆ Pipeline for next two weeks 'looking good'
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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Major supranationals were also active last week in the private market in ESG-labelled and local currency bonds
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The lender has landed inside a recent QNB trade in euros
