Currencies
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Province ‘well within comfort zone’ with borrowing target despite enlarged deficit -
Second aircraft lease master trust deal tightens 20bp from IPTs to guidance
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Half of the facility came from one investor
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US corporates continue to enjoy decent funding conditions
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◆ Yankee banks top up regulatory capital ◆ Brown & Brown fund $10bn acquisition ◆ Investors hunt for yield
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New faces in euros could be thin end of the wedge as Pacific Life introduces first green FABN
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Senior bond market participants say Europe has once-in-a-generation chance to take a chunk of US hegemony
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◆ Assorted issuance mix mostly well taken by investors ◆ But lower yielding or unfamiliar names find it harder to gain traction ◆ Almost all issuers pay slim to single digit premium
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◆ First dollar benchmark of 2025 ◆ Tight spread to US Treasuries like peers ◆ Large book supports 4bp tightening
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◆ OTP prints first euro covered in a decade ◆ Equitable Bank fails to tighten from IPTs ◆ Rival bankers debate Equitable struggle
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◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense
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◆ Investors scooping tier two debt across markets ◆ BNP Paribas takes advantage with third print of the year ◆ Rare German insurer Gothaer increases funding
