Euro
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Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market -
Franco-German tank manufacturer said it would wait until market conditions stabilised
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Strong demand with book covered shortly after launch, says banker close to trade
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Yield-hungry investors and global issuers return could broaden sterling supply in H2
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After the busiest June since 2010, banks are well progressed in the covered funding programmes
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◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
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◆ Euro leg forms part of near-$5bn triple currency senior funding salvo ◆ First euro senior pref fixed rate offering from the bank since 2023 ◆ Limited concession paid
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◆ New green seven year prices 2bp inside guidance ◆ Peer comps helpful as old 2032s trade wide ◆ Recent S&P upgrade to boost bank treasury demand
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◆ Real estate name builds on Vonovia’s jumbo trade this week ◆ Deal lands at the tight end of guidance ◆ Single-digit concession spotted
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Supranationals also find demand in emerging market currencies, while banks turn to floaters and corporates add to existing lines
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Tighter margin loan a 'sign of things to come' for infrastructure lending
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◆ Green benchmarks gets bigger ◆ Hong Kong dollar climbs to fourth place in funding mix ◆ Digital bond faces 'rigorous test'
