Currencies

◆ Nykredit captures tight funding ◆ Issuer's last benchmark of the year ◆ Investors looking to pay the price to diversify into tight Nordic bank credits

State could fund 50% more next year and is ready to act early in January

◆ Rare deal unhindered by softer market open ◆ Single day execution and structure hit 'investor mindset' ◆ Real money buyers support pricing close to fair value

◆ Canadian bank returns to senior sterling market 13 years after first attempt ◆ Similar strategy taken as in euro, Australian dollar and Swiss franc markets ◆ Treasurer eyes subordinated issuance in future

Alternative sources of funding are offering competitive pricing

◆ Cross-currency basis was a factor for issuer ◆ Big orders build as new investors emerge ◆ Other dollar funders eye sterling opportunities

◆ Belgian utility joins EuGB club ◆ Scentre tightens hard on €500m deal ◆ Primary market slows in anticipation of US shutdown volatility

◆ New deal offers half the spread of the last one ◆ Investors pile into rare trade's book ◆ Pick up provided over govvies

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

◆ 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

◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024