Currencies

Kangaroo and Panda market grow as banks create US dollar FRNs to meet Asian demand

◆ Week's third FIG sterling deal to take advantage of opportunistic Gilts arb this ◆ Issuer's second sterling deal this year ◆ Follows multi-tranche yen issuance across the capital stack

Israeli issuer called its previous tier two early last year

◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand

Premiums may not be at risk of increasing yet but caution should remain the watchword

◆ Pricing competitive to euros ◆ Deal the largest from a European corporate in 12 years ◆ Diversification drive fuels bumper Swiss franc year

◆ Tightest UK bank tier two since 2021 ◆ Book holds despite tight levels ◆ Latest in recent flurry of FIG tier two issuance

◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge

◆ Solid book even though size not comparable to January ◆ Investor demand remains 'pretty robust' as June starts ◆ Maximum of 1bp premium paid

◆ Books reach more than £2.5bn for £1bn print ◆ Safe-haven Canadian credit in demand ◆ Light supply leaves cash waiting

◆ Issuer raises large size for the currency ◆ Pricing break through 100bp level ◆ Book stays almost intact despite macro volatility

◆ Spanish lender returns to unsecured issuance after three years ◆ Spanish banks are seizing a favourable funding environment ◆ Concession paid to keep selective investors interested