Currencies
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◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency -
◆ FIG spreads show resilience to Iran war headlines ◆ Book grew after price tightened ◆ Could have tightened further on a different day, says rival banker
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◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
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◆ Larger than average tranche sizes and price moves ◆ Encouraging sign for sterling issuance ◆ NIP debated
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‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
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◆ First in-life registrar and blockchain change ◆ Digital premium compresses from 10bp to 3bp ◆ Deal draws first international investor
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Benchmark issuance is running 13% ahead of last year
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Universal Music, Alstom and Sanctuary Group among those lining up euro and sterling trades
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UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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◆ Province's Greg Horan and Jason Lewis on new £1bn six year line ◆ Captured first-mover advantage ◆ Last minute pivot from US dollars to sterling paid off
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◆ Björn Schlebach and Sven Wabbels on sterling trade ◆ Issuer held out for cross-currency to align ◆ Year's tightest Gilt print, at plus 4bp
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Increased investor interest in utilities hybrids could bring down subordination premium, says SSE treasurer
