Currencies

Central banks play nice but a reckoning is coming for corporate spreads

◆ Size and execution the main attractions of dollars, but it costs more ◆ Well progressed UK banks weigh taking a chip off the table ◆ Dollar covered bonds unlikely

Provinces take a step back from borrowing but pension sector issuers lean forward

Public Storage pays just a handful of basis points, while Amex coughs up more

◆ Regulator starts collecting data on hedging and accounting of capital instruments ◆ Is AT1 debt or equity? ◆ BNP Paribas’s reclassification of future dollar AT1 provides an example

Clear but non-traditional window opens after central banks stick to plan

Investors seen shifting from equities to bonds to lift fixed income markets

The focus will be on currencies other than dollars

The first batch of European corporate earnings have shown multi-year weaknesses

Finnish agency finds demand for short dated deal despite dwindling pool of investors

Tightly trading bonds look ripe to gap wider as conditions expected to deteriorate

Issuer hopes to refresh its euro presence with a potential green bond