Currencies
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Swiss market debates whether it has found new limits or cannot support multiple monster trades after biggest deal in 13 years -
Worries rise that eurozone periphery sovereign spreads will take a pounding as ECB brings an end to net bond buying
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Mercialys and Sagax face weakening market
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SSA borrowers still able to offer juice over rates while squeezing mid-swaps
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French lender paid a double digit premium to get its £450m deal over the line
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Senior market in euros is open for well rated frequent borrowers as riskier deals could follow
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Principality achieves more than double demand for five year debt
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With the five year Swiss franc swap rate rising this year by 43bp to 23bp, top quality borrowers can now offer higher yields at shorter tenors, helping to propel demand
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Bankers feel the market is open to national champions from across Europe
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Borrower commands €37bn of demand as central bank uncertainty and Russia fears recede
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Issuers navigate rates volatility and geopolitical tension for new funding
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Issuers may prioritise size over price to cut down on visits to a volatile market
