Currencies

Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief

◆ EDC prints tightest US dollar deal from a Canadian this year ◆ Tight spread to US Treasuries 'looks good for Canada risk' ◆ World Bank mandates seven year dollar floater

◆ Euro funding competitive with GS' dollar curve ◆ Large premiums left on all tranches ◆ Massive investor demand

◆ Double-B French telecoms brings IG-style execution ◆ Demand peaks over €2bn ◆ Pipeline looks thin as uncertainty over Middle East conflict looms

◆ First leg of financing for Aegon UK acquisition ◆ Popularity of FIG capital attracts large demand ◆ Deal seen with negative new issue concession

◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid

◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1

◆ EDC had originally considered last week for dollar deal ◆ Favourable dollar funding could tempt European SSAs ◆ Five year tenor safer option

Higher rates a stumbling block for issuers that could overshadow strong demand

Deep, liquid US market offers issuers size, attractive cost and investor diversification

◆ Thin summer bid tests final SSA supply push ◆ Iran, CPI and holidays squeeze last pre-summer window ◆ Washington supras circle in dollar market

Standard Life and Paragon Banking Group have started the week of issuance with deal announcements