Currencies

Chunky collared FRN expands sovereign's private funding for the year to €4bn

Issuer completes €10bn programme but keeps eyes peeled for 'attractive opportunities'

◆ Finnish utility sells 7.7 year bond ◆ Peak demand tops €2.8bn ◆ EuGB label credited for 'few basis points' of greenium

◆ Almost €700m of orders lost… ◆ …but deal still prices tight ◆ Trade Commerzbank's third five year this year

◆ Nykredit captures tight funding ◆ Issuer's last benchmark of the year ◆ Investors looking to pay the price to diversify into tight Nordic bank credits

State could fund 50% more next year and is ready to act early in January

◆ Rare deal unhindered by softer market open ◆ Single day execution and structure hit 'investor mindset' ◆ Real money buyers support pricing close to fair value

◆ Canadian bank returns to senior sterling market 13 years after first attempt ◆ Similar strategy taken as in euro, Australian dollar and Swiss franc markets ◆ Treasurer eyes subordinated issuance in future

Alternative sources of funding are offering competitive pricing

◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities

◆ Belgian utility joins EuGB club ◆ Scentre tightens hard on €500m deal ◆ Primary market slows in anticipation of US shutdown volatility

◆ New deal offers half the spread of the last one ◆ Investors pile into rare trade's book ◆ Pick up provided over govvies