Currencies
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SSA issuers in the dollar market will attempt to break out of three year maturity comfort zone -
But demand was considerably below its debut offering
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Closely watched long dated tranche strong enough to command €37bn of orders
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The Finnish deal offered a substantial premium over benchmark sized deals
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New plan should be designed in a way to avoid splintering eurozone banks
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The two deals will provide a helpful gauge of demand for other issuers in central Europe
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Eurofima and FMO lining up deals at same tenor
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The deal was driven by demand from banks with very little real money interest
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Senior bank bonds are expected to pay at least 10bp of new issue concession
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Demand for the Dutch green debut was four times greater than for BSH’s Pfandbrief
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Unédic, MuniFin and the State of Lower Saxony see ample support for trades
