Euro
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The sovereign last raised a record €22bn from a one year note -
Euro primary continues pumping out trades with JDE Peet's and Covivio lining up
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Banks may bring forward their 2024 funding plans to snap up duration as investors look to position ahead of predicted rate cuts
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Retail bid to the rescue as central bank bows out
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It has been an unstoppable rally so far, but the expectations of a failed deal are rising
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A frenetic week almost made up for dire October, but issuance is drying up
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◆ Buoyant mood in unsecured FIG market ◆ Arkéa prices with 5bp NIP and tightest spread among recent 10 year trio, putting off some buyers ◆ BPM reprices own curve
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◆ Spanish bank acts quickly to raise €1bn at slim concession ◆ More long end issuance possible ◆ Three more banks supply further €1.5bn
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Second Reverse Yankee this week as IG corporate rally shows no sign of abating
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Corporate market remains wide open despite end of year looming
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◆ French insurers offer the two most desired elements in FIG ◆ Deal prices with 10bp NIP and large oversubscription ◆ More subordinated issuance may follow as market is very strong
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German state intends to issue two or three deals before the summer
