Currencies
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The first batch of European corporate earnings have shown multi-year weaknesses -
Finnish agency finds demand for short dated deal despite dwindling pool of investors
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Tightly trading bonds look ripe to gap wider as conditions expected to deteriorate
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Issuer hopes to refresh its euro presence with a potential green bond
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◆ Domestic demand supports sale ◆ Public bail-in debut lands in line with peers ◆ Follow-on deals unlikely as blackouts and holidays suppress the pipeline
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Deal brings this year’s Kangaroo issuance to over A$25bn
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◆ ‘Novelty’ release reflects overlaps in bank capital requirements and market feedback ◆ New recommendations focus on RAC tier twos ◆ High level of standardisation achieved in the EU
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◆ Non-deal roadshows planned for the coming weeks ◆ Issuers tipped to wait despite supportive market ◆ Dearth of supply to support spreads
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Investors forced to accept deals priced close to secondary curve as supply dwindles
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Borrower signs 12 year deal as European high yield spreads tipped to soar
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◆ German lender to optimise funding and find investors beyond Germany ◆ Conducive market for credit issuance ◆ Non-preferred bonds outperform preferred paper
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Even lowest rated names only pay up a handful of basis points
