Issues

◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields

The country plans to issue more in 2025 than the past few years, doing half the target on Tuesday

The dollar order book more than halved as the issuer cut the yield on offer

Second tier names should not wait to issue, or they risk the spread compression running out of steam

CriteriaCaixa, DSM-Firmenich fund through fair value, J&J and Carlsberg prep jumbos

Company is evaluating equity bids

Irish agricultural supplier has tied loan to sustainability targets

◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022

◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility

The bank landed well inside fair value estimates, according to three observers