Currencies

The World Cup is being played outside European trading hours, but don't underestimate its potential for disruption

◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome

Hybrid capital is open to the big US tech companies. But who needs an umbrella when the sun is shining?

◆ Supra prices inside peers’ seven year deals ◆ Slim NIP paid after 3bp tightening ◆ ‘Very strong day’ for SSA market

◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says

◆ Sharp landing through a noisy open ◆ Grinding towards US Treasuries ◆ Bankers praise execution but warn of residuals building

◆ UMG takes €1bn with first public trade in three years ◆ Trade punches through fair value ◆ Investors not concerned by AI or M&A

◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1

◆ French rail group skips guidance after books top €4.5bn ◆ Issuer tightens spread sharply and increases deal size ◆ Hybrid format helps strengthen IG rating

◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus

◆ Province lands £600m 2030 debut inside British Columbia ◆ Book tops £1.8bn as investors back high-grade Canadian name ◆ Cross-currency basis and Gilt spreads keep sterling window open for Canadians

◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency