Currencies

Saint-Gobain, Kering and EnBW join buzzing corporate debt market

◆ Nordea's deal shows greenium is alive in the FIG market ◆ Pricing was flat to fair value thanks to robust demand ◆ Bawag uses tender to reallocate old investors into new €400m tier two refinancing

◆ Fourth deal in a little over a week will add to $6.5bn of AT1 issuance ◆ Comes just a day after Barclays garnered huge response for its tightly priced trade ◆ Santander seen focusing on achieving lower yield

◆ Macquarie Group's first euro senior deal in almost two years ◆ Aussie name likely lured investors ◆ S-Bank issuing euro FRN

Nearly new borrower lands one of the tightest spreads of the year

Deal comes flat to swaps, but issuer cannot reach hoped-for size

Short end demand wanes as investors adjust to 'peak rates' narrative

◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way

High beta and long duration back in demand after US inflation falls

Maturity back in demand as inflation appears to be under control

◆ Issuer takes advantage of red-hot sentiment post-CPI ◆ Higher yielding bank capital prices moved up, including a similar AT1 from Barclays ◆ Strong demand suggests tight pricing eyed

Dealers away say rich pricing versus Pfandbrief led to disappointing orders