Currencies

Holding company pays up for more complex credit story

◆ Many factors drive strong demand ◆ Rarity aspect helps some issuers ◆ Pipeline loaded, say bankers

Highly rated corporate paper in demand as investors seize chance at higher yields

◆ Demand for Commerzbank deal less than expected ◆ 6bp-7bp of premium needed ◆ Senior unsecured supply glut eats up covered demand

Expected end of rate rising cycle pushes up bid for well rated longer bonds

A debut and rare unrated issuer brave a novelty-shy bond market

Swiss francs offer attractive alternative to shrinking private placement market

Car manufacturer prices 20bp through euro levels

◆ Debt ceiling deal keeps issuers at bay ◆ US regional banking stress still affecting primary market ◆ Issuers tipped to front-load

◆ French Samurai issued across the capital structure ◆ Bank of Japan supports cheaper yen issuance than dollars ◆ HSBC lures yield-driven buyers with lower yielding senior bail-in foray

Food sellers face sharp bond market fallout if state-mandated profit caps occur

◆ Capped sales surpass expectations ◆ Fixed sizes could help as covered funders push out along the curve