Currencies

Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads

Investors and issuers unlikely to reshape plans to capitalise on wide covered levels

◆ US telecom prints long seven and 12 year bonds ◆ Deal upsizes to €2bn ◆ Spreads on both legs tighten by 38bp

Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds

◆ Lack of competing issuance and high yield alternatives lure buyers ◆ £150m deal more than nine times subscribed ◆ 'Punchy' spread differential between Chesnara's outstanding tier two and new RT1

Company focuses on renewable energy and solar, wind and energy storage systems

Market all but certain US rates will be on pause this week, while looking for clues for September

◆ Final order peaks at 8.6 times subscribed ◆ Spread tightens by 38bp from initial thoughts ◆ Investors flush with cash chase limited supply

◆ Demand drops by half during book building ◆ Final spread tightened by 45bp ◆ Deal lands through fair value

◆ UK insurer to add debt capital after equity ◆ Deal to finance HSBC acquisition ◆ Credit markets are receptive for subordinated debt

Investors are unlikely to buy large new issues at the current tight spreads

◆ Bund trades 'risk-off' amid tariff caution ◆ EGB secondary hindered by summer illiquidity ◆ SSA issuance expected via taps and MTNs