Currencies
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German issuer has raised more than €60bn in 2023, with €25bn left to come -
Banks itching to issue as they fight for investor attention to keep premiums tight
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◆ June CPI fuels spread tightening ◆ Foreign banks opt for short end dollar funding ◆ RBC copies rival TD's early week foray
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Central bank money is gone and rising rates are hacking at corporate credit quality
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Lower issuance volumes for the rest of the year will help spreads and strategic planning
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UK achieves second largest order book ever for linker sale
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Issuers at either end of rating spectrum made to pay double digit premiums
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◆ Inaugural public yen bond follows euro FRN and Yankee deals ◆ Yen funding comes close to dollar levels ◆ Gives TD longer funding than what it raised in dollars
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◆ Outcome supported by earnings and market sentiment ◆DNB completes half of its SNP funding need with single digit NIP ◆ Beneficial timing
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Issuer attracts over $11bn in demand after last issuing a similar deal in 2018
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◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high
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Issuer strikes lonely figure in Europe's high grade corporate bond market
