Currencies
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European banks’ absence from primary market is ‘different this time’ -
Four banks squeezed $12.5bn of funding into Wednesday's window
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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Huge gyrations in energy and rate markets prove no deterrence to public sector bond syndication
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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
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◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
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Jessica Pulay, CEO of the UK Debt Management Office, discusses investor engagement
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Piet Jürging and Sven Wabbels discuss the issuer's recent $4bn 3.5% May 2029 Global deal
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◆ Three companies push through single tranche deals ◆ Vestas takes the biggest book of the trio ◆ Issuers cough up extra concessions
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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
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◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore?
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◆ €14.5bn deal largest ever from a corporate in the currency ◆ Investors pledge strong demand for all eight tranches ◆ Some pickup paid over Alphabet
