Currencies
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Higher rates and name recognition fuelled the tightest corporate print since June -
Reluctance to show hands has led to smaller books and higher concessions
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Asian borrowers are finding better funding options in Australian dollars and Japanese yen as higher US dollar interest rates bite
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Whether to push on with supply or take a break divides participants
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Deluge of deals coming, but demand could quickly become exhausted
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Fears of contagion from Chinese defaults yet to shake sentiment
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◆ Slimly subscribed deal spotted 2bp-3bp tighter ◆ Undersubscribed Santander UK senior deal also above par ◆ Sterling investors hope for a break in supply after difficult week
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Bank paper dominates in offshore Swissies as NAB and Santander UK add to flow
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Borrower lands short maturity deal with single digit concession
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◆ UK bank issues its only outstanding Aussie tier two ◆ Second capital deal within a week sold outside of core markets ◆ Funding official says diversification motivated the rare deals
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Pricing tension rising at the edges of the market as money lured into public debt
