Currencies
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January levels suggest late August euro NIPs could be small -
◆ Swiss pharma company prints 4.75, 10 and 15 year bonds ◆ Deal size increased to Sfr775m on strong demand ◆ Spreads land 2bp inside the tight end of IPTs on all tranches
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More companies considered IG could lead to more financing through private markets
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◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained
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◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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Money pours into undersupplied market in run-up to late August's restart
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Long tenors shine as US tariffs brushed aside and investors deploy cash ahead of autumn
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◆ First Hong Kong dollar public bond from an international bank ◆ Broader investor access and larger size than PPs customary in the market ◆ Provides attractive funding
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Major private credit investors aspire to more as funding from private debt seeks to go mainstream
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Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all
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Wendel’s success this week could tempt others to seize the window
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After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026
