Currencies

Varying luck for corporate bonds in euros as secondary market wobbles

◆ Market moves wider but German insurer still gathers €2.4bn of orders ◆ Pays higher NIP to print than it would have a day earlier ◆ Starts buy-back of RT1 ahead of September call date

German issuer raised a whopping €9bn while two other SSAs together grabbed €2.5bn

Funding agreement backed bonds eye seasonal revival

The two deals are priced off different benchmarks

Bankers away from deal voiced concerns over level of orders

◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago

◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions

Solid enough deals from car sector but without the blowout response some hoped would show market strength

KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month

There should be a busy start to the new year, but falling rates and widening spreads might spoil the party

Sovereign cuts issuance by €60bn but market readies for another year of hefty SSA issuance