Euro
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Belly of the curve likely to be most active, but anything from three to 10 years is doable -
After two weeks of snoozing, the market is about to kick off its boots and get running
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◆ Dutch bank acts more generously than earlier Nordic duo ◆ Deal offers higher absolute spread and new issue premium ◆ Investors like what they see and keep increasing orders
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HQLA investors have reallocated away from covered and into SSAs
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◆ Fast money acts quick ◆ Bank treasuries weigh ASW levels ◆ 'Real market opener' still awaited
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Sovereign aspires to stay active in euro market to fund foreign reserves and set benchmark for Icelandic issuers
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Club-style PP helps issuer sidestep summer execution risks
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DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
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January levels suggest late August euro NIPs could be small
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More companies considered IG could lead to more financing through private markets
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◆ Green label and capped size set up tight pricing ◆ Result is Danske's tightest tier two, beating Covid-era issuance ◆ Some first mover advantage gained
