Currencies
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◆ US car maker prints four and seven year euros ◆ Shorter tranche draws keener bid ◆ Euro funding advantage keeps the pipeline building for Reverse Yankees -
◆ Positioning and expectations drive prices ◆ US data expected to drive pricing ◆ IDA and Thuringia announce mandates
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◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables
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◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
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Loan market tranquil but outlook is not pretty
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◆ French political turmoil? No bother ◆ Another €11bn raised from single exercise ◆ Textbook deal, usual 2bp premium paid
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◆ Nordea outmanoeuvres spread widening by waiting to print in euros ◆ It and Crelan's SNP deals attract close to €6bn of orders ◆ 'Right to pay' some concession
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◆ First euro AT1 since end of June follows dollar trades ◆ Lower tier issuer no hindrance to demand ◆ Spanish bank achieves its biggest AT1 at almost no premium
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◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base
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◆ Lack of supply a factor ◆ Slim premium paid ◆ Domestic accounts accustomed to Gilt volatility and headlines
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◆ Abundant demand for UK water credit ◆ Order book about three times deal size
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◆ Finnish nuclear generator joins elite green club ◆ Order book stays strong amid price tightening ◆ Deal priced around fair value
