Currencies

Lower funding needs and tight senior spreads supress Aussie dollar covered supply

European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility

The bloc's bonds outperformed swaps and France but views still mixed as to the issuer’s true status

◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP

Scarcity value help propel the book to almost €2bn

◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'

The UK building society attracted a combined €4bn of orders

Investors snap up low rated IG companies, but demand double digit concessions

◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'

Cypriot lender's debut green bond emulates similar deals

Fruitful day for issuers as investors lust for low beta

Further Nordic supply expected from Sweden’s LF Hypotek