Currencies
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◆ Real estate company tightens hard on spread ◆ Deal lands well inside fair value… ◆ …but order book shrinks substantially as a result -
American Express led another busy week for FIG supply as bank borrowers took advantage of investors looking for extra yield by topping up with additional tier one capital.
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BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'
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◆ Spread tightened through fair value ◆ Dollar investors shrug off yen swings ◆ JFM endures dollar-yen basis move
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◆ US delivery firm prints seven and 12 year bonds ◆ Equal spread tightening on both tranches ◆ Investors flush with cash jostle for scarce issuance
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Vicenza, Verona and Grezzana look to improve electricity services
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◆ Debut issuer draws solid demand ◆ Orderbook almost touches £1bn at peak ◆ Investors see triple B corporate sterling as enticing prospect
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Market participants ‘certainly won’t get bored’ during quiet weeks for issuance
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French risk ‘the known unknown’ and will ‘get serious' come autumn
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Issuer weighs up currency costs and sentiment
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◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
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◆ Reverse Yankee with 7 and 12 year maturities ◆ Abundant liquidity hunts for extra yield from US credits ◆ First euro benchmark for FedEx since 2021
