Currencies
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Wednesday’s deals feel the strain as investors warn of pain to come -
◆ Oversubscription did not materialise ◆ Rivals see pricing as too tight ◆ Helaba takes extremely rare Swiss route instead
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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Covered bonds trade softer but spreads stable
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Issuance tipped to slow down significantly from now until late August
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◆ PSHypo's 15 year note in demand ◆ Investors undeterred by flat yield curve ◆ Cantonal bank slips in and out in 40 minutes
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Canadian issuer prints the largest SSA sterling bond since January
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High yields ensure the first deal since the Bank of England's 50bp rise was amply covered
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◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity
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◆ Illiquid Portuguese bank struggles and cuts deal ◆ Bank of Ireland lures investors with frequent issuer status ◆ Senior market 'receptive' but starting to slow down
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Issuers target both the short and the long ends of the dollar curve
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Size and spread of the bank’s latest transaction should ensure a fair performance
