Currencies
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◆ Strong market supports AT1 return ◆ Lower funding, dedicated investors likely behind the infrequent issuer ◆ Will it be a true market reopener? -
◆ Holdco senior issuance is more common in the US ◆ European novelty meant longer lead time ◆ Investors liked it and bought more
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CH Guenther pays a narrower OID as euro market becomes more competitive against the dollar
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With spreads near year's tightest, banks may step up unsecured funding but investors may not be keen on low spread products
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Supranational extends duration at a competitive cost to dollars
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Wave of deals comes after some borrowers had shunned dollars for months or years
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Even the lowest spread deals look sweet when Swiss govvies are so tight
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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The issuers want to be frequent visitors to the euro market and, more importantly, evolve into SSAs
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◆ WA is the fourth Aussie state to issue a green bond ◆ More labelled Australian SSA issuance to come over the next year
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ECB and Fed meetings next week could throw sentiment off in final weeks before summer breaks
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◆ Huge oversubscription thanks to spread and yield ◆ Merchant bank differentiated itself on a busy day ◆ IR work pays off
