Currencies
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Payroll Friday disrupted, casting a shadow over Fed's rate cut expectations -
◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros
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◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025
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◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024
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◆ Peak orders enough to fill deal seven times ◆ Pricing through fair value ◆ Investors warming on Portugal
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◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers
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◆ Oversubscription lets leads skip guidance ◆ New issue premium in low single digits ◆ Solid bid despite CEO uncertainty
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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Guidance slashed but still a rare chance to earn 10% in primary market
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Banks, infrastructure, urban development and the energy transition all areas of focus
