US dollar
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FIG issuers pile into front to mid-end floaters in private placements across currencies -
◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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◆ Issuer's second dollar bond in 2026 ◆ NWB’s deal from previous day was 'very helpful' ◆ Pricing was 1bp apart, perfectly normal
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◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book
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◆ First SSA dollar five year since Iran war started ◆ Pricing was tight, only 5bp back of tier ones ◆ Stable swap spread helped execution
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◆ Corporate bond market fizzes with multi-tranche, multi-currency deals ◆ Marketing helps spur strong outcome ◆ Proceeds to fund coffee subsidiary spin-off
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Issuers shrug off geopolitical volatility to push through slew of multi-tranche trades
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European banks’ absence from primary market is ‘different this time’
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Four banks squeezed $12.5bn of funding into Wednesday's window
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Huge gyrations in energy and rate markets prove no deterrence to public sector bond syndication
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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
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Piet Jürging and Sven Wabbels discuss the issuer's recent $4bn 3.5% May 2029 Global deal
