Currencies
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◆ No premium needed for size ◆ Deal is Westpac's first in Swiss francs for over two years ◆ Foreign supply is down in Swiss francs this year -
◆ Gilts yields choppy amid PM leadership rumours ◆ Crossover of accounts drawn to linker trade ◆ 'Super strong trade' says lead manager
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◆ First ancillary tier one note ◆ Features unique reset structure ◆ $7.5bn of orders before reconciliation
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◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements
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◆ Insurance company's first outing since 2023 ◆ Book continued to grow after reoffer ◆ 'Pretty much everybody from the UK real money investor base' present
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◆ Relative value against covereds is important ◆ Spread 'could have been pushed more' ◆ Lack of SSA supply a factor
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◆ Swiss chemicals group sells two, five and nine year notes ◆ Single-digit premium paid across tranches ◆ Year to date domestic Swiss supply at record high
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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Strong demand for slim supply could tempt issuers to access the market before Christmas
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◆ Two insurers announce capital deal mandates◆ Bermuda tier one offers unique reset structure ◆ Bupa opts for sterling tier two
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◆ Popular deal offers premium to euros ◆ Foreign senior bank supply jumps to £1.25bn in two trading days ◆ More capital issuance to follow
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◆ Combined demand peaks at more than €5.1bn ◆ Yield curve drives investors towards seven year ◆ No premium needed to hit size targets
