Currencies

Issuer has already funded about 12% of its annual target in just three days

◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature

Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance

‘Very, very strong’ first week sets up bigger test ahead

Buyers grapple with falling interest rates

Issuers including Portugal, CEB and BNG braved a short window to get their first deals of 2024 done

Issuer garners big demand in first deal since MSCI upgraded its ESG credentials

◆ Duo print €3.25bn after recent deals wobble ◆ Wider pricing attracts attention and allows tightening ◆ Weaker credit market affects reoffer levels

◆ BPCE brings first senior sterling FIG deal of 2024 ◆ UK investors lap up relative value versus euros ◆ Debate over premium paid and whether market is ripe for more issuance

A slowdown in supply is expected amid 'trickier' backdrop

◆ Issuer chooses to raise new AT1 capital six months ahead of call and tenders old paper ◆ Tight pricing means smaller book in absence of fast money ◆ AT1s have reached ‘aggressive’ levels but expected to keep attracting investor support

Volatile market proves little obstacle for long maturity funding