Currencies

Retail bid to the rescue as central bank bows out

It has been an unstoppable rally so far, but the expectations of a failed deal are rising

◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year

The trade is ‘most likely’ the final syndication this year after issuer exceeded the lower end of its targeted funding range

A frenetic week almost made up for dire October, but issuance is drying up

◆ Issuer lands £200m deal 62.5bp tighter than initial guidance ◆ Demand continuously grew to £1.4bn ◆ First sterling AT1 since February

Second foray into Samurai market this year

Issuer keeps an open mind but there is unlikely to be a ‘huge chance’ of the hybrid deal being done this year

◆ Buoyant mood in unsecured FIG market ◆ Arkéa prices with 5bp NIP and tightest spread among recent 10 year trio, putting off some buyers ◆ BPM reprices own curve

Bonds will be settled in wholesale CBDC on December 1 as part of Swiss National Bank’s tokenised asset pilot

AfDB and Kommuninvest stay in the three to five year part of the curve

◆ Spanish bank acts quickly to raise €1bn at slim concession ◆ More long end issuance possible ◆ Three more banks supply further €1.5bn