Currencies

Deal priced flat to fair value as UK asset mangers likely buyers

High grade corporate bond market maintains its strong run

‘Difficult to argue against this trade’, said one lead

◆ Danish bank raises €800m from two short dated tranches priced through FV ◆ Conducting refi across capital stack as it also prepares covered bond in Swedish kronor ◆ Orix to tap euro and Aussie markets

'Safer' public sector cover pools avoid tricky commercial real estate exposure discussions

Investors offered high grade euro mandates from newcomer Epiroc and Portugal's Ren

◆ ¥50bn Euroyen is issuer's first public bond in currency for five years ◆ Wide range of investors buys what was the biggest foreign issuer in yen ◆ Pricing wider than euros, tighter than dollars

United Utilities, Securitas and Klépierre come on usually quiet day

Bankers highlight that the German Pfandbrief market is 'well protected'

◆ French bank double taps the dollar market to raise $4.75bn in senior and deeply subordinated debt ◆ BNPP attains its largest ever senior order book as demand reaches $15bn ◆ US insurance companies fund

Signs of indigestion in the market after record buying from investors

Nothing on horizon to hold market back once earnings blackouts end