Currencies
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Banks ready to do deals but wiser to wait -
Investors see Europe and smaller companies as safer areas after tech companies hit by AI disruption fears
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◆ Tobias Landström on recent dollar three year trade ◆ Investors keen for short-dated dollar paper ◆ Dollar and euro funding levels have improved
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◆ AIIB's Darren Stipe on cementing top tier status ◆ Cross-currency funding changes ◆ AIIB printed around $1bn dollar callables last year
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Market participants still hope to clear backlog before April
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Issuance on hold as investors need time to understand the conflict's impacts
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Bankers confident ‘good, liquid names’ could still get deals done, windows wide open this week
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Any deal would be the first French agency Kanga in more than 15 years
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Investors seek yield in long-dated FIG subordinated and senior markets
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◆ Only second Canadian province in euros this year ◆ Premium paid debated ◆ Rarity value supports transaction
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◆ Longer tranches earmarked for Hinkley Point C financing ◆ Books close at just under €11bn ◆ Single digit concessions offered
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
