Currencies

While it might not be popular with investors, longer dated paper is what covered bond funders need

Issuer hopes the new deal opens doors for longer transactions to come

Issuer has already been active in the currenty earlier in the year

Issuer becomes only one of a handful of SSAs to print a decade dollar deal in 2023

◆ Longest tranche carries lowest yield ◆ Strong duration bid fuels 15 year print ◆ Investors looking to balance out holding compared to SBI benchmark

◆ Spanish lender captures strong demand despite last week's rates volatility ◆ Investors get opportunity to 'jump' into rare long end tranche ◆ Despite big demand other issuers are 'very cautious'

Already bruised sectors can expect more spread widening

Long-dated bonds to be tapped and issued, Greece mounts tender offer

Long maturity and rarity lures insurance companies and ESG investors

◆ Investors ready to engage, but supply not forthcoming ◆ Clock ticking on pre-Bastille Day window ◆ Opportunities still available in dollars

Bondholders are happier despite the utility not securing the £1bn it said it needs

◆ German bank to tap popular three year point ◆ 'Juicy' start expected ◆ No further supply expected to follow