Currencies

◆ Senior holdco deal one of largest order books of the year ◆ Only 10bp-15bp of concession needed to seal €1.25bn deal ◆ Despite the strong outcome, further supply is not a given

Dominican Republic could be on the cards for LatAm supra after debuts in Paraguay, Costa Rica

Tight overall covered bond spreads mean that new issue premiums appear elevated, despite lower levels

◆ Lloyds and Santander launch Yankees ◆ Better execution in the dollar market than raising euros or sterling, says Lloyds Treasury ◆ Dollar investors supporting foreign issuers, including capital trades

Central banks play nice but a reckoning is coming for corporate spreads

◆ Size and execution the main attractions of dollars, but it costs more ◆ Well progressed UK banks weigh taking a chip off the table ◆ Dollar covered bonds unlikely

Provinces take a step back from borrowing but pension sector issuers lean forward

Public Storage pays just a handful of basis points, while Amex coughs up more

◆ Regulator starts collecting data on hedging and accounting of capital instruments ◆ Is AT1 debt or equity? ◆ BNP Paribas’s reclassification of future dollar AT1 provides an example

Clear but non-traditional window opens after central banks stick to plan

Investors seen shifting from equities to bonds to lift fixed income markets

The focus will be on currencies other than dollars