Currencies
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Higher than average issuance in first quarter augurs slim pickings ahead -
◆ US insurer’s jumbo $6bn multitrancher propels dollar FIG volume to almost $240m in the first quarter ◆ SocGen raises $1bn AT1 capital ◆ AIB reinforces Yankee issuance on Thursday
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Downgrade of bank’s unsecured ratings is unlikely to lead to further repricing of other German issuers’ covered bonds
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◆ Market ‘risk-on’ after Fed meeting and surprise SNB rate cut ◆ Op Corporate Bank FRN fives times subscribed ◆ Senior sentiment unharmed by RBI’s pulled AT1
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European bond spreads have come in from highs, but effects of Hindenburg report remain
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Bank must accept a perfect deal may not be possible while it has Russia exposure
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The bank was boosted by a benign Fed meeting and a successful deal from Poland this week
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◆ Magic number of 105bp hit again ◆ ‘Good outcome’ after senior market flooded on Monday ◆ Signs of consolidation but RBI ‘has not rattled market’
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Swiss franc market offers size to issuers willing to flex on price
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Central bank meetings suppress weekly covered bond volumes to their second lowest levels this year
