Currencies
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Issuers pile in to market near multi-year tights -
Hundreds of billions of euros of joint debt needs to be agreed upon before 2028, but many questions unanswered
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Budget induced volatility could push OATs above covered spreads across the curve
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Lull in issuance imminent but searing hot market could entice more borrowers before party ends
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Strong corporate demand bodes well for the rest of the credit market
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◆ Expectations for ECB rate cut decline ◆ August 18 issuance restart expected ◆ Dollar pipeline builds as Japan SSAs 'cheap'
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One major bank has underwritten three infra deals in the last week
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◆ Real estate company tightens hard on spread ◆ Deal lands well inside fair value… ◆ …but order book shrinks substantially as a result
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American Express led another busy week for FIG supply as bank borrowers took advantage of investors looking for extra yield by topping up with additional tier one capital.
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BPM spreads 'unlikely' to widen as issuer remains 'a takeover target'
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◆ Spread tightened through fair value ◆ Dollar investors shrug off yen swings ◆ JFM endures dollar-yen basis move
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◆ US delivery firm prints seven and 12 year bonds ◆ Equal spread tightening on both tranches ◆ Investors flush with cash jostle for scarce issuance
