Currencies
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Investors pile into the long end of building materials company’s trade -
Electricity company prioritises price but still raises €850m
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Attractive arbitrage still available for firms looking to print before the market slows down
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◆ Issuer committed to cancelling as much old capital as possible ◆ Buying back above par ◆ All buying-back thanks to new AT1 providing capital optimisation
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Compatriots' recent deals helped provide clarity on pricing
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◆ Deal expected to come wider than peers ◆ Wider spread likely to mitigate investors asking for shorter maturities ◆ Will be issuer's second covered bond ever
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◆ Strong final outcome gives hope to others ◆ Core issuers aim for investors' 'sweet spot'◆ Bookbuilding shows buyers having the 'upper hand'
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Demand for ADR swells to more than four times oversubscribed
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◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book
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◆ Debut bail-in bond expected on Tuesday at the earliest ◆ Welsh borrower to offer a pick-up to larger building society peers ◆ Proceeds to fund senior bond tender
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Supranational goes super-tight with its first Swiss deal for almost a decade
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◆ Strong demand for rare UK insurance name ◆ Note spotted 5bp tighter in the secondary market ◆ Proceeds to fund tender offer for 2024 subordinated note
