Currencies
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◆ Spanish lender returns to unsecured issuance after three years ◆ Spanish banks are seizing a favourable funding environment ◆ Concession paid to keep selective investors interested -
◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals
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◆ Issuer brings September deal forward after rates rally ◆ Book unexpectedly shrinks, is pricing fair or too tight? ◆ Deal still hit targets, money saved for taxpayers
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Scarcity value to overshadow sectoral concerns
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◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value
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◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid
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◆ Head of treasury's Tiemo Wesseling on euro 2026 debut ◆ Fair value and greenium estimated ◆ Back-loaded funding programme
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◆ Quebec's Guillaume Pichard on recent $3bn 10 year ◆ New issue concession estimated ◆ Sterling and niche markets on radar
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Book coverage ratios have also risen as sentiment improves in CEEMEA bond market
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Investors seek structured and vanilla FRNs from credit and SSA issuers amid sharp rate fluctuations
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Issuer to focus on auctions and foreign currency opportunities including dollars and Swiss francs
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Thibaut Makarovsky, head of funding and market operations at AFD, discusses his recent dollar trade and funding plans
