Currencies
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Swiss car leasing specialist hits ambitious target with unique covered bond structure -
◆ Issuer attracts €3.6bn book with just 5bp NIP ◆ Despite challenging backdrop and frequency of issuance, BFCM achieves 'solid' outcome ◆ Eight year tenor meets bid for duration
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ING analysts forecast historically low net issuance of €50bn in 2024
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Lender prepares four year covered bond deal as funding conditions appear to ease for Italy and its banks
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Hessen prices €250m tap as market braces for a week of data drops and central bank meetings
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Market dumps bonds due to talks with German state over billions in guarantees
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Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals
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◆ Deal resuscitates near two-month hiatus in sterling unsecured FIG issuance ◆ Final book above £3.6bn hailed as ‘confidence’ booster for sterling market ◆ Varying NIP views at 20bp-30bp
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No Pepp talk from Lagarde relieves market participants but issuance could face ‘headwind into next year’
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Relieved market enjoys a rally, but weaker names are still out of favour
