Currencies
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◆ Solid IOIs helps Friday execution ◆ Trade the fourth sterling FABN deal this week from a US insurance company ◆ Issuer saves versus its dollar curve -
Issuance 34% ahead of last year’s opening week
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan
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Secondary market performance gave Austrian agency confidence to print
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Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer
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Large and liquid 10 year dollar deal jump-starts issuer’s €15bn-€17bn programme for 2026
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◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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Three tranche deals are increasingly common for issuers wanting size and duration
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◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch
